Miguel Galuccio sat quietly with a nervous smile as Argentina's president suddenly thrust the youthful oil executive from obscurity into one of the nation's most high-pressure jobs: leading the newly state-controlled energy company.
BUENOS AIRES, Argentina (AP) -- Miguel Galuccio sat quietly with a nervous smile as Argentina's president suddenly thrust the youthful oil executive from obscurity into one of the nation's most high-pressure jobs: leading the newly state-controlled energy company....
BUENOS AIRES (Reuters) - Argentine President Cristina Fernandez unveiled plans on Monday to seize control of leading energy company YPF, drawing swift warnings from key trade partners and risking the country's further economic isolation. YPF , controlled by Spain's Repsol , has been under intense pressure from Fernandez's center-left government to boost production, and its share price has plunged due to months of speculation about a state takeover. Until recently, YPF had a harmonious relationship with Fernandez, whose increasingly interventionist and off-beat policies infuriate critics. ...
By Jennifer Warren:For all of the shale oil and gas reserves in Argentina, obstacles by way of politics could be trumping progress once again, and giving mixed signals. A recent statement by a Shell (NYSE:RDS.A) (NYSE:RDS.B) executive sums it up:
Husky Energy Inc, Canada’s No.3 integrated oil company, swung to a quarterly loss and cut its capital budget for the second time in three months as oil trades at five-year lows.
The company, controlled by Hong Kong billionaire Li Ka-shing, said it expects to spend $3-billion to $3.1-billion in 2015. The company cut its budget by a third to $3.4 billion in December.
Husky joins Cenovus Energy Inc, MEG Energy Corp and other Canadian oil producers, who have lowered capital investments due to a 50% drop in global prices since June.
The discovery of North Sea riches in the 1970s planted the seed of modern-day Scottish nationalism as supporters of independence cried “It’s our oil!”
Four decades later, nothing will be more important to the economic future of Scotland than the oil industry should the country vote to end the 307-year union with the rest of the U.K.
For the second time in less than a year, Coastal Energy Corp., a Houston-based, TSX-listed company with assets in Thailand and Malaysia has become the subject of a takeover from a foreign controlled company with links to a foreign government.
This time round, the would-be acquirer — according to documents seen by Financial Post — is Jynwel Capital Limited, an international private equity investment and advisory firm, based in Hong Kong.
By Michael Terry:Over the last few months, shares of YPF Sociedad Anonima (YPF) have been getting taken to the woodshed over political rumblings regarding potential nationalization (in the last week, the beatings have accelerated).Sunday we read (on Bloomberg) that: