Calafate.- The Government of Santa Cruz, through the state company Fmicruz, today signed contracts with seven operators committing to invest US$1,259 million in the San Jorge Bay Basin in the ten hydrocarbon areas exploited by YPF and transferred to the province. This is a six-year action plan aimed at increasing production and employment.
Regional Minister of Energy and Mining, jaime alvarez, He noted that YPF decided to withdraw from mature traditional areas and that this decision forced Santa Cruz to act quickly to protect jobs and energy sources.
“We want the investments to translate into development for our communities, for the suppliers to be from Santa Cruz, and for 90% of the workers, as stipulated in Law 90/10, to be from the province,” Alvarez said, referring to the recent reform on the mandatory recruitment of Santa Cruz workers.
Regarding the departure of the YPF, he acknowledged: “It was not an easy process; there were months of work, agreements and disagreements, but in the end we reached a historic understanding.” He said this during the event held in the White Room of the Santa Cruz government, which was attended by all the companies that will start activity in the wells on the first of next December.
While he also had a few words of appreciation for YPF, which bears the cost of abandoning wells and cleanup liabilities. “YPF will finance and implement the remediation work for five years, and the University of Buenos Aires will be responsible for the technical and scientific survey. This is unprecedented in the country and represents an important precedent,” he said.
The process was framed in the memorandum of understanding signed between Governor Claudio Vidal and YPF, through which the province regained ownership of the mature areas through the state company Fomicruz.
Patagonia Resources SA will operate the “Los Perales-Las Mesetas”, “Los Monos” and “Barranca Yankowsky” blocks, Clear Petroleum SA will be responsible for the “Cañadón de la Escondida-Las Heras” block and Roch Proyectos SAU will develop a comprehensive recovery plan for “Cañadón Yatel”, “Cerro Piedra-Cerro Guadal Norte” and “El”. Guadal Blocks – Loma del Coy”.
On the other hand, Azruge SA will be responsible for the “Cañadón Vasco” block; Meanwhile, Brest SA will operate the “Pico Truncado-El Cordón” block, and finally, the consortium composed of Quintana E & P Argentina SRL and Quintana Energy Investments SA will develop operations in the “Cañadón León-Meseta Espinosa” block.
The investment plan, which will extend between 2026 and 2031, estimates that 22 new drilling operations will be conducted annually. 154 Well maintenance The average per year is 1200 Drag/Flashpy Annually, while global corporate investment by 2026 will reach $229.9 million; By 2027, $219 million; By 2028, $220.6 million; In 2029 it will be $198.7 million; In 2030, it will be $201.3 million, and by 2031 it is expected to invest $190.4 million.
after the event, Gustavo Salernoof Patagonia Resources SA, stressed that the first challenge “will be to determine exactly what state each region will be in when we get formal possession.” He added: “We believe that there has been an oversight in recent years, but we have an opportunity. This opportunity will not be exploited unless we are all on the same side: the state, companies and workers.”
Regarding macroeconomic conditions, he considered that eliminating deductions would be a very positive measure for the industry. “Our country needs predictability and conditions that are conducive to investment and work. Royalties must also be analyzed intelligently, because in this way both the province and workers will benefit,” Salerno concluded.
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