Argentina’s YPF names new CFO

Argentina’s biggest oil and gas producer – state-controlled YPF – appointed a new CFO and other officials.

Federico Barroetaveña will manage the company’s finances following the departure of Alejandro Lew, who was recently appointed director of the central bank by the administration of President Javier Milei.

Barroetaveña was previously CFO of engineering firm Techint Ingeniería y Construcción, a unit of Argentine-Italian group Techint. In partnership with fellow engineering and construction firm SACDE, Technit has carried out construction work on the first phase of the Vaca Muerta gas pipeline. 

Bids in a tender corresponding to the planned second phase of the duct are due to be opened on December 20. Officials are seeking a firm to supply pipes and associated financing.

Horacio Marín recently stepped down as director and VP at driller Tecpetrol to become YPF chairman and CEO. Marín replaces Pablo González and Pablo Iuliano, who held the respective roles.

Tecpetrol, a Techint unit, recently announced plans to hit oil output of 100,000b/d within four years, chiefly via Vaca Muerta unconventional hydrocarbons formation acreage Puesto Parada and Los Toldos 2 Este. 

ALSO READ: Argentina’s Neuquén province eyeing doubling of oil production

Tecpetrol produced 2,900m3/d oil (18,240b/d) in September, up 14.8% year-on-year, energy think tank the General Mosconi institute said in a report. In January-September, Tecpetrol crude production was 656,000m3 (around 2,385m3/d, up 31% year-on-year), driven by Vaca Muerta shale output, according to a financial statement. 

Tecpetrol is the No. 5 oil player by output at Vaca Muerta and the biggest gas producer at the formation.

YPF, meanwhile, appointed 13 other executives, a regulatory filing shows.

The regulatory filing can be downloaded using the link in the top right-hand corner of this page.

***

Residential electricity and gas prices could climb in Argentina from February or March, local media outlet EconoJournal reported, citing unnamed official sources.

Reducing subsidies – a process that got underway during the last administration – is part of Milei’s strategy to help balance the cash-strapped nation’s books.

Public consultations are expected, EconoJournal said on Thursday.

On Friday, gas regulator Enargas announced a public consultation on rate changes, planned for January 8. The meeting, among other areas, will also encompass rates and capacity assignments corresponding to the Gasoducto Norte flow-reversal project, currently out to tender.

Citing data from local research body IIEP UBA, the General Mosconi institute said energy subsidies for January-October climbed 73% year-on-year to 2.35tn pesos (US$2.93bn).

Electricity and gas rate freezes in Argentina have dampened sector investment.

Click here for more details on the public consultation

***

Argentina’s central bank introduced changes to the rules governing access to the foreign exchange market for imported goods.

The amendment, covering goods including petroleum products and electricity, eases some authorization requirements.

Click here for more details