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Observers say an Argentine's court decision last week to uphold a $19B embargo against Chevron's...

Observers say an Argentine's court decision last week to uphold a $19B embargo against Chevron's (CVX) local subsidiary makes it unlikely the company will pour money into the country. CVX's agreement to team with Argentina's YPF to invest ~$1B to explore the Vaca Muerta shale formation, with the prospect of $15B in investments in coming years, now seems doubtful.
Comments (9)
  • Grampa Jim
    , contributor
    Comments (107) | Send Message
     
    Something tells me either a plain brown envelope DIDN'T change hands when "prompted," or it will soon. What kind of dumpkopfs are these Argentines?
    4 Feb 2013, 04:00 PM Reply Like
  • bushwacker1
    , contributor
    Comments (14) | Send Message
     
    They want the assets after you have built them. Graft is chump change
    5 Feb 2013, 12:31 AM Reply Like
  • Bill Simpson 451
    , contributor
    Comments (84) | Send Message
     
    If they could be trusted, the Chinese would already be in there big time.
    4 Feb 2013, 04:38 PM Reply Like
  • Uncle Pie
    , contributor
    Comments (2675) | Send Message
     
    The Vaca Muerta (dead cow) will likely remain dead. No one will put money into a country which appropriates assets.
    4 Feb 2013, 06:36 PM Reply Like
  • rv3lynn
    , contributor
    Comments (383) | Send Message
     
    YPF will have to partner with the Mafia to get these wells drilled.

     

    But you know what happens when you steal from the Mafia!
    4 Feb 2013, 09:45 PM Reply Like
  • smurf
    , contributor
    Comments (3783) | Send Message
     
    "...........makes it unlikely the company will pour money into the country."

     

    Gee, ya think?

     

    Every country in South America except Chile, and MAYBE Brazil is a bona-fide banana republic. Deals with these clowns as well as just about every country in Africa invariably end badly.
    4 Feb 2013, 11:51 PM Reply Like
  • bushwacker1
    , contributor
    Comments (14) | Send Message
     
    As the world moves closer to financial chaos, third world countries will begin to look closer at the fact that exploitation of resources is enriching others and not the country itself. In addition, the growing influence of socialism, will force countries to look for more money to fund new and expanded social programs. In addition, natural tendencies of greed and corruption will cause more and more of these types of actions. One should study the economic history of Argentina to learn more. Didn't they just snatch oil assets from a Spanish oil company? Look for the same in Mexico, Latin America, Africa, China and India. Buy American.
    5 Feb 2013, 12:31 AM Reply Like
  • llljohn
    , contributor
    Comments (2) | Send Message
     
    Chevron
    The court rulings etc will dissolve into nothingness in appeals etc. Which it already is. It is simply leverage of one partner (YPF) on another. If Argentina cannot be trusted for investment (heard so often), why would we trust they will set-up enforcement of court rulings? Huh?
    The gov & court are synomymous & part of the ruling. ...in a month etc from now this will be a forgotten blip.

     

    PS. China has invested in some of the least trustworthy, shakiest, unstable countries in world: sub-Sahara Africa.
    5 Feb 2013, 10:17 AM Reply Like
  • llljohn
    , contributor
    Comments (2) | Send Message
     
    BTW- The Chinese ARE already in there ..thru their partnership with Bridas (1.5 B in YPF announced last month):

     

    May 2010 China National Offshore Oil Company Limited (CNOOC Ltd) has closed a $3.1 billion deal with Argentina-based Bridas Energy Holdings (BEH) to buy a 50 percent stake in Bridas Corporation, a wholly owned subsidiary of BEH before the deal.

     

    Bridas Corporation, with oil and gas exploration and production operations in Argentina, Bolivia and Chile, is now a 50-50 joint venture between CNOOC Ltd and BEH.
    6 Feb 2013, 04:12 AM Reply Like
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