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Figure 20: Argentina Gas Reserves and Production 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0.0 1980 30.0 25.0 20.0 15.0 10.0 5.0 0.0 1985 1990 "gas production" 2000 gas reserves 2010 1995 2005 Source: BP energy statistics To reverse the situation, the government launched a “gas plus program”13 promoting exploration and production of non-conventional sources (shale and tight gas). With a potential of more than 700 trillion cubic feet (Tcf) of technically recoverable reserves, Argentina is one of the three largest sources of shale gas in the world. From the perspective of exploration activity, the program was successful. More than fifty projects were approved, representing investment of approximately US$4.2 billion. Producers expressed interest since it allowed them to negotiate market prices with industrial buyers. Provinces also liked the program because revenues from royalty payments increase when prices are higher. Despite these positive developments, when confronted with an energy trade deficit of more than US$9 billion in 2011, the government opted to nationalize YPF assets. The justification was Repsol’s failure to invest in the country. The government, in fact, accused Repsol of taking most of its profits out of Argentina. The government seems to have ignored that, in 2007, it suggested that Repsol finance the acquisition of 14 percent of the company by the Petersen Group, owned by the Eskenazi family, who were close friends of the Kirchners. Repsol’s incentive to repatriate profits was, thus, driven by its desire to secure loan repayment from the Petersen Group. Repsol’s fate was perhaps set in November 2011 when the company announced the discovery of Vaca Muerta, Argentina’s largest shale gas reservoir and possibly one of the largest in the world. Contrary to recent nationalizations, Argentina’s main motivation was not to capture rents or to assert national sovereignty over the country’s natural resources. The government seemed to be focusing on the 13 The program was extended to oil and refining activities. 23 gas productrion bcfd gas reserves tcfPDF Image | Infrastructure and Environment Department
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