Founded in 1922 during the tenure of Hipólito Yrigoyen (1852-1933), YPF was the first vertically integrated state oil company. In addition to its central work, it contributed to the establishment and supply of towns near protected areas such as Chubut. Among others Las Heras and Plaza Huincul.
During the presidency of Juan Domingo Perón (1895-1974), production exceeded seven million tons.
In 1999 it was bought by Repsol and remained in their hands until 2012 when it was reclaimed by the state.
On April 16 of the same year, on Fernández’s initiative, the law was passed that declared hydrocarbon self-sufficiency a national public interest, and 51 percent of the Spanish company’s shares were expropriated.
Through graphics published on his profile on the social network Twitter, Fernández explained that YPF-Repsol’s oil production fell by more than 40 percent from 1999 to 2011 and its market share fell by almost eight points.
According to the report, “after the reserves discovered in the previous phases were depleted, the lack of investment led to a decline in the company’s gas production,” which fell 33 percent between 2004 and 2011.
Oil reserves also fell by 50 points from 2001 to 2011.
Against this background, Repsol-YPF increased its prices, which resulted in higher sales.
Since 2007, the debt grew and it began the final emptying of the YPF, which violated Argentina’s energy sovereignty, led to a multiplication of fuel imports and, for the first time in 17 years, to a trade deficit that in 2011 was minus three thousand 29 million dollars, the gives the publication.
jha/gas