The ability of oil companies to bring millions against the state, stopping the activity of that second generator of currencies, such as Waka Muerta, and even the decline in gas production that has been made in recent months, have been variable that the national government must define a change in the new gas plan set out in Resolution 46/17, given the fact that the available budget is not sufficient to sustain it as it is designed.
And yesterday, Energy Secretary Gustavo Lopetegi, who announced before the executive directors of the majority of oil companies that it was decided to avoid trials, because there will be no reforms in the plan, which allows to include new developments, nor to increase production .
The plan was offside in the middle of last year with the exchange rate. It is that as the activation of the dollar flowed the available funds in pesos -28,700 million this year – the growing road to the price of the well had to be removed to avoid that the users of the domicile faces a rate that is almost impossible to pay.
This led to a budget of about $ 700 million, a new gas plan has been reduced, as to guarantee a $ 7 million BTU set for this year, it will only be enough to cover a daily output of 18 million cubic meters
Lopetegui was planning a reform in which it reduced the amount to be paid for every one million BTUs, which expanded production that could access the plan. It was even permissible to overcome that 7 or 8 out of 11 projects with the average approval of Neuquén would have been included.
The scheme also thought that 30% of the subsidy would not be liquidated but would pass on the confidence that would be recovered after the plan was completed in 2022. These changes made it possible to increase production, to which the subsidy could reach about 30m euros. cubic meters per day.
The reform was approved by Tecpetrol, an oil company that, with the explosive development of Fortin de Piedra, captured 65% of the subsidy by assuming its production of 0 to 17 million cubic meters per year, as it guaranteed to receive a reduced subsidy, but for its entire production . Also, the Neuken government, the capital that capitalizes Waka Muerta, was satisfied because the change would allow adding new developments, although only during the winter months.
But this reform did not coincide with other operators, because, if applied, it allowed them to initiate legal action against the state for the amounts they would not receive.
The scissors will finally go through the production, as Lopeteghi confirmed that only the production curve represented by the oil companies will be paid at the time of application to enter the plan.
The consequences of the decision will be noticed in the coming months when it is determined whether events that are waiting to enter the plan begin or do not produce gas, but Tecpetrol loses the most because in its initial declaration it postulated to reach 8.5 million cubic meters, half of what it produces it today.
This can generate that in the short term, the signature raises the foot of the accelerator and reduces its production, but it can also lead to a lawsuit against the state. This was announced yesterday by announcing that they "expressly reserve their rights and analyze the actions they need to follow". Because they explained that "changing the payment criteria retroactively reaches the settlements from April to October 2018. This implies a lower payment of 1.994 million pesos and 5.655 million for the entire 2018 by September.
But what happens in Waka Moerta is not only in Waka Müerta, because just as the increase in shale gas production allowed the government with great fanfare to celebrate the departure of Bahia Blanca's rehabilitation vessel, a contraction in its activity – added to the fall that registers the production of solid and conventional gas – could put the government ahead of the need to rewrite the ship or go out to buy diesel to cover the peak demand this winter.
who expects to join the plan of February 2018, will not be able to do so. Five others have already been rejected.
of cubic meters per day is the maximum production that the subsidy can cover.
is the price guaranteed by the nation for this year. It includes an additional $ 3 per BTU, because the average price is less than 4.
The first major development was left out
The nation's definition of not adding more blocks to the subsidy resulted not only in a plan limited to 8 projects, but also omitted the first mass development in Vaca Muerta gas shale, which is El Oreano de JFF, where the subsidy was applied to gradual production.
The list of the 7 blocks that were not known yesterday to receive contributions were ended by Aguada La Arena and Rincón Del Mandrulo (EPF), El Mangrulo and Sierra Chatta (Pampa Energy), La Calera (Pluzpetrol) and Los Toldos 1 Sur ExxonMobil).
In this way, the state-owned state-owned oil company finds that none of the blocks in Waka Muerta will be added, because only the ETF is counted in Rio Negro.
Neuquen Governor Omar Gutierrez said several days ago that these project projects included not only investments for $ 3,000 million, but also the production of 2,000 jobs.