1 Table Of Contents
1 Table Of Contents 2
1.1 List of Tables 7
1.2 List of Figures 9
2 Argentina Energy Sector 10
2.1 Argentina Energy Sector, Market Overview 10
2.2 Argentina Energy Sector, Natural Gas 11
2.2.1 Argentina Natural Gas, Overview 11
2.2.2 Argentina Natural Gas, Supply and Demand Balance 12
2.2.3 Argentina Natural Gas, Regulatory Structure 17
2.2.4 Argentina Natural Gas, Infrastructure 18
3 Argentina Gas Upstream Investment Environment Benchmarking 19
3.1 Introduction 19
3.2 The Overall Ranking 19
3.3 Upstream Fiscal Attractiveness 20
3.3.1 Maximum Government Take Index 21
3.3.2 Maximum State Participation Index 21
3.3.3 Domestic Market Obligation Index 21
3.4 Gas Sector Performance 22
3.4.1 Exploration Activity 24
3.4.2 Gas Production 25
3.4.3 Gas Reserves 25
3.4.4 Gas Consumption 25
3.5 Economic Performance 26
3.5.1 GDP Growth Index 27
3.5.2 FDI Confidence Index 27
3.5.3 Balance of Trade Index 28
3.6 Socio-Political Performance 28
3.6.1 Democracy Index 30
3.6.2 Governance Index 30
4 Argentina Exploration and Production Sector 31
4.1 Argentina Exploration and Production Sector, Country Snapshot 31
4.1.1 Argentina Exploration and Production Sector, Key Data 31
4.1.2 Argentina Exploration and Production Sector, Natural Gas Assets Map 31
4.2 Argentina Exploration and Production Sector, Marketed Natural Gas Production 32
4.2.1 Argentina Exploration and Production Sector, Total Marketed Natural Gas-Historical Production 32
4.2.2 Argentina Exploration and Production Sector, Marketed Natural Gas-Historical Production by Type 33
4.2.3 Argentina Exploration and Production Sector, Marketed Natural Gas Production by Assets 34
4.2.4 Argentina Exploration and Production Sector, Marketed Equity Weighted Natural Gas Production by Company 36
4.2.5 Argentina Exploration and Production Sector, Market Share based on Marketed Equity Weighted Natural Gas Production 37
4.3 Argentina Exploration and Production Sector, Marketed Natural Gas Forecasts 38
4.3.1 Argentina Exploration and Production Sector, Marketed Natural Gas Forecasted Production 38
4.4 Argentina Exploration And Production Sector, Natural Gas Asset Details 41
4.4.1 Argentina Exploration And Production Sector, Active Natural Gas Asset Details 41
4.4.2 Argentina Exploration And Production Sector, Planned Natural Gas Asset Details 46
4.5 Argentina, Major Natural Gas Discoveries, 2005-2010 47
4.5.1 Argentina, Natural Gas Discoveries by Year, 2005-2010 47
4.5.2 Argentina, Natural Gas Discovery Details, 2005-2010 48
4.6 Argentina Exploration and Production Sector, Recent Discoveries 48
4.6.1 May 10, 2011: Madalena Cases Can X-4 Well As Potential Oil Discovery 48
4.6.2 Dec 06, 2010: YPF Discovers Natural Gas Reserve In Argentina 48
4.7 Argentina Exploration and Production Sector, Drilling and Production Updates 49
4.7.1 Apr 13, 2011: Americas Petrogas Spuds First Deep Shale Gas Well On Huacalera Block In Neuquen Basin, Argentina 49
4.7.2 Feb 16, 2011: Crown Point Ventures Commences Argentine Drilling Program 50
4.7.3 Sep 22, 2010: Crown Point Ventures Completes Third Oil Well In Argentina 50
4.7.4 Sep 21, 2010: Americas Petrogas Completes Drilling And Casing At LTN.x-2 Exploration Well In Los Toldos II Block, Argentina 51
4.7.5 Sep 08, 2010: Americas Petrogas Completes Drilling And Casing At LTN.x-1 Exploration Well In Los Toldos II Block, Argentina 51
5 Argentina Pipeline Sector 52
5.1 Argentina Pipeline Sector, Key Data 52
5.2 Argentina Pipeline Sector, An Overview 52
5.3 Argentina Pipeline Sector, Comparison of Key Natural Gas Pipeline Companies 52
5.4 Argentina Pipeline Sector, Natural Gas Pipelines 54
6 Argentina LNG Sector 57
6.1 Argentina LNG Sector, Key Data 57
6.2 Argentina LNG Sector, Regasification 57
6.2.1 Argentina LNG Sector, Regasification, Total Regasification Capacity 57
6.2.2 Argentina LNG Gas Sector, Capacity- Wise Market Share by Company 58
6.2.3 Argentina LNG Sector, Regasification Capacity by Terminal 59
7 Argentina Underground Gas Storage Sector 60
7.1 Argentina Underground Gas Storage Sector, Key Data 60
7.2 Argentina Underground Gas Storage Sector, An Overview 60
7.3 Argentina Underground Gas Storage Sector, Capacity-Wise Market Share by Company 60
7.4 Argentina Underground Gas Storage Sector, Storage Capacity 60
8 Profile of Petroleo Brasileiro S.A. 61
8.1 Petroleo Brasileiro S.A., Key Information 61
8.2 Petroleo Brasileiro S.A., Company Overview 61
8.3 Petroleo Brasileiro S.A., Business Description 61
8.3.1 Business Overview 61
8.3.2 Distribution 62
8.3.3 Gas and Power 62
8.3.4 International 63
8.3.5 Refining, Transportation and Marketing 64
8.4 Petroleo Brasileiro S.A., SWOT Analysis 65
8.4.1 Overview 65
8.4.2 Petroleo Brasileiro S.A. Strengths 66
8.4.3 Petroleo Brasileiro S.A. Weaknesses 67
8.4.4 Petroleo Brasileiro S.A. Opportunities 67
8.4.5 Petroleo Brasileiro S.A. Threats 69
9 Profile of TOTAL S.A 71
9.1 TOTAL S.A, Key Information 71
9.2 TOTAL S.A, Company Overview 71
9.3 TOTAL S.A, Business Description 71
9.3.1 Business Overview 71
9.3.2 Chemicals 72
9.3.3 Downstream 72
9.3.4 Upstream 73
9.4 TOTAL S.A, SWOT Analysis 75
9.4.1 Overview 75
9.4.2 TOTAL S.A. Strengths 76
9.4.3 TOTAL S.A. Weaknesses 77
9.4.4 TOTAL S.A. Opportunities 78
9.4.5 TOTAL S.A. Threats 79
10 Profile of Repsol YPF, S.A 81
10.1 Repsol YPF, S.A, Key Information 81
10.2 Repsol YPF, S.A, Company Overview 81
10.3 Repsol YPF, S.A, Business Description 81
10.3.1 Business Overview 81
10.3.2 Downstream 82
10.3.3 Gas Natural SDG 83
10.3.4 LNG 84
10.3.5 Upstream 84
10.3.6 Upstream 85
10.3.7 YPF 86
10.4 Repsol YPF, S.A, SWOT Analysis 87
10.4.1 Overview 87
10.4.2 Repsol YPF, S.A. Strengths 88
10.4.3 Repsol YPF, S.A. Weaknesses 89
10.4.4 Repsol YPF, S.A. Opportunities 90
10.4.5 Repsol YPF, S.A. Threats 91
11 Financial Deals Landscape 92
11.1 Detailed Deal Summary 92
11.1.1 Acquisition 92
11.1.2 Equity Offerings 100
11.1.3 Debt Offerings 102
11.1.4 Partnerships 103
11.1.5 Asset Transactions 104
12 Recent Developments 112
12.1 Strategy and Business Expansion 112
12.1.1 Sep 20, 2010: Excelerate Energy Announces Signing Of Term Sheet For New LNG Import Project At Escobar, Argentina 112
12.2 Other Significant Developments 112
12.2.1 May 10, 2011: Crown Point Ventures Updates On EV 26 Well In San Jorge Basin, Argentina 112
12.2.2 Apr 19, 2011: Crown Point Ventures Resumes Drilling And Production Operations At El Valle In Golfo San Jorge Basin, Argentina 113
12.2.3 Apr 15, 2011: Crown Point Ventures Provides Update On Drilling Program 113
12.2.4 Apr 12, 2011: Madalena Provides Argentine Operations Update 113
12.2.5 Apr 06, 2011: Gran Tierra Energy Provides Operations Update 114
12.2.6 Feb 17, 2011: Madalena Provides Argentine Operations Update 115
12.2.7 Feb 15, 2011: Gran Tierra Energy Provides Operations Update 116
12.2.8 Jan 25, 2011: Canoel International Energy Provides Argentina Operations Update 118
12.2.9 Dec 29, 2010: Azabache Energy Announces Results Of Workover On Ojo De Agua X-1 Well In Neuquen Basin, Argentina 118
12.2.10 Dec 22, 2010: Americas Petrogas Provides Test Results Of MS.s-1 Well In Medanito Sur Block, Argentina 119
12.2.11 Dec 16, 2010: Americas Petrogas Updates On Argentina Activities 119
12.2.12 Dec 14, 2010: Madalena Provides Argentina Operations Update 121
12.2.13 Nov 16, 2010: Madalena Provides CAN X-1 Exploration Well Update 121
12.3 New Contracts Announcements 122
12.3.1 Mar 15, 2011: Morgan Stanley And Gas Natural To Supply LNG To Puerto Escobar Plant In Argentina 122
13 Appendix 123
13.1 Abbreviations 123
13.2 Methodology 123
13.2.1 Coverage 123
13.2.2 Secondary Research 124
13.2.3 Primary Research 124
13.2.4 Expert Panel Validation 124
13.3 Contact Us 125
13.4 Disclaimer 125
1.1 List of Tables
Table 1: Argentina, Historic and Forecast Production and Consumption of Natural Gas, Billion Cubic Feet, 2000-2020 12
Table 2: Argentina, Historic and Forecast Exports and Imports of Natural Gas, Billion Cubic Feet, 2000-2020 14
Table 3: Argentina, Historic Reserves of Natural Gas, Billion Cubic Feet, 2000-2010 16
Table 4: South and Central America, Investment Benchmarking, Overall Country Rankings, May 2011 19
Table 5: South and Central America, Investment Benchmarking, Upstream Fiscal Attractiveness, May 2011 20
Table 6: South and Central America, Investment Benchmarking, Gas Sector Performance, May 2011 22
Table 7: South and Central America, Investment Benchmarking, Economic Performance, May 2011 26
Table 8: South and Central America, Country Standings, Economic Performance, May 2011 26
Table 9: South and Central America, Investment Benchmarking, Socio-Political Performance, May 2011 28
Table 10: South and Central America, Country Standings, Socio-Political Performance, May 2011 29
Table 11: Argentina, Natural Gas Key Statistics, 2010 31
Table 12: Argentina, Total Marketed Natural Gas Production (MMcf), 2003-2010 32
Table 13: Argentina, Marketed Natural Gas Production by Type (MMcf), 2003-2010 33
Table 14: Argentina, Marketed Natural Gas Production (MMcf), by Major Assets, 2003- 2010 34
Table 15: Argentina, Marketed Equity Weighted Natural Gas Production (MMcf), by Company, 2003- 2010 36
Table 16: Argentina, Market Share (%) of Key Companies based on Marketed Equity Weighted Natural Gas Production, 2003-2010 37
Table 17: Argentina, Marketed Natural Gas Production (MMcf), Forecast by Major Assets, 2011-2015 38
Table 18: Argentina, Active Gas Field Asset Details 41
Table 19: Argentina, Planned Gas Field Assets Details 46
Table 20: Argentina, Number of Gas Discoveries, 2005-2010 47
Table 21: Argentina, Natural Gas Discovery Details, 2005-2010 48
Table 22: Argentina, Pipeline Key Statistics, May 2011 52
Table 23: Argentina, Natural Gas Pipeline Length by Company (Km), May 2011 52
Table 24: Argentina, Natural Gas Pipelines, May 2011 54
Table 25: Argentina, Natural Gas Pipelines, May 2011 (Contd.1) 55
Table 26: Argentina, Natural Gas Pipelines, May 2011 (Contd.2) 56
Table 27: Argentina, LNG Key Statistics, May 2011 57
Table 28: Argentina, Total Regasification Capacity (Bcf), 2000-2015 57
Table 29: Argentina, Regasification Capacity by Company (Bcf), 2000-2015 58
Table 30: Argentina, Regasification Capacity (Bcf), 2000-2015 59
Table 31: Argentina, Underground Gas Storage Key Statistics, May 2011 60
Table 32: Argentina, Underground Gas Storage Capacity by Company (MMcf), May 2011 60
Table 33: Argentina, Underground Gas Storage Capacity (MMcf), May 2011 60
Table 34: Petroleo Brasileiro S.A., Key Facts 61
Table 35: Petroleo Brasileiro S.A., SWOT Analysis 65
Table 36: TOTAL S.A., Key Facts 71
Table 37: TOTAL S.A., SWOT Analysis 75
Table 38: Repsol YPF, S.A., Key Facts 81
Table 39: Repsol YPF, S.A., SWOT Analysis 87
Table 40: Grupo Petersen To Acquire 10% Stake In YPF 92
Table 41: Repsol To Sell 2.9% Interest In YPF To Lazard Asset Management 94
Table 42: Repsol To Sell 0.93% Interest In YPF 95
Table 43: Repsol To Sell 3.3% Stake In YPF To Eton Park And Capital 96
Table 44: Sinopec Acquires Occidental Argentina 97
Table 45: Bridas To Acquire 60% Interest In Pan American Energy From BP 98
Table 46: RPT Resources Completes Private Placement Of Subscription Receipts For $29.4 Million 100
Table 47: New Sage Energy Completes Final Tranche Private Placement For $0.1 Million 101
Table 48: YPF To Issue Bonds For $300 Million 102
Table 49: Pampa Energia Forms Joint Venture With Apache 103
Table 50: Apache Acquires 50% Interest In Santa Victoria Block From Gran Tierra Energy 104
Table 51: Total And Repsol Acquires Interests In Four Licenses In Argentina 105
Table 52: Crown Point Acquires 100% Interest In Canadon Ramirez Exploitation Concession, Argentina 106
Table 53: Antrim Energy Acquires 50.1% Interest In Cerro Los Leones Exploration Concession 107
Table 54: Ilakon Acquires El Carmen Oil And Gas Property From Marifil Mines 108
Table 55: YPF Enters Into Farm-In Agreement With Andes 109
Table 56: Americas Petrogas To Farm-Out Stake In Huacalera Block To Apache 110
Table 57: Americas Petrogas Enters Into Farm-In Agreement With Petrolifera Petroleum 1111.2
List of Figures
Figure 1: Argentina, Energy Consumption Split by Fuel Type (%), 2010 11
Figure 2: Argentina, Natural Gas Production And Consumption, Billion Cubic Feet, 2000-2020 13
Figure 3: Argentina, Natural Gas Imports And Exports, Billion Cubic Feet, 2000-2020 15
Figure 4: Argentina, Natural Gas Reserves, Billion Cubic Feet, 2000-2010 17
Figure 5: South and Central America, Country Standings, Upstream Fiscal Attractiveness, May 2011 21
Figure 6: South and Central America, Country Standings, Gas Sector Performance, by Reserves-Exploration & Production, May 2011 23
Figure 7: South and Central America, Country Standings, Gas Sector Performance, by Production & Consumption, May 2011 24
Figure 8: South and Central America, Country Standings, Number Of Exploration Blocks Awarded, May 2011 25
Figure 9: South and Central America, Country Standings, Economic Performance by FDI Confidence- GDP Growth & Production, May 2011 27
Figure 10: South and Central America, Country Standings, Socio-Political Performance, May 2011 29
Figure 11: Argentina, Natural Gas Assets Map, May 2011 31
Figure 12: Argentina, Total Marketed Natural Gas Production (MMcf), 2003-2010 32
Figure 13: Argentina, Marketed Natural Gas Production by Type (MMcf), 2003-2010 33
Figure 14: Argentina, Marketed Equity Weighted Natural Gas Production (MMcf), by Key Companies, 2003-2010 37
Figure 15: Argentina, Market Share (%) of Key Companies based on Marketed Equity Weighted Natural Gas Production, 2010 38
Figure 16: Argentina, Number of Gas Discoveries, 2005-2010 47
Figure 17: Argentina, Natural Gas Pipeline Length by Company (Km), May 2011 53
Figure 18: Argentina, Total Regasification Capacity (Bcf), 2000-2015 58
Figure 19: Argentina Regasification Capacity by Company (Bcf), 2000-2015 59
