1 Table of Contents 2
1.1 List of Tables 9
1.2 List of Figures 11
2 Argentina Energy Sector 12
2.1 Argentina Energy Sector, Market Overview 12
2.2 Argentina Energy Sector, Natural Gas 14
2.2.1 Argentina Natural Gas, Overview 14
2.2.2 Argentina Natural Gas, Supply and Demand Balance 14
2.2.3 Argentina Natural Gas, Regulatory Structure 20
2.2.4 Argentina Natural Gas, Infrastructure 20
3 Argentina Fiscal Regime 22
3.1 Argentina Petroleum Fiscal Environment 22
3.2 License Terms 22
3.3 Key Fiscal Terms 24
3.4 Sample Cashflows Calculations 27
4 Argentina Gas Upstream Investment Environment Benchmarking 28
4.1 Introduction 28
4.2 The Overall Ranking 28
4.3 Upstream Fiscal Attractiveness 29
4.3.1 Maximum Government Take Index 30
4.3.2 Maximum State Participation Index 30
4.3.3 Domestic Market Obligation Index 30
4.4 Gas Sector Performance 31
4.4.1 Exploration Activity 33
4.4.2 Gas Production 34
4.4.3 Gas Reserves 34
4.4.4 Gas Consumption 35
4.5 Economic Performance 35
4.5.1 GDP Growth Index 37
4.5.2 FDI Confidence Index 37
4.5.3 Balance of Trade Index 37
4.6 Socio-Political Performance 37
4.6.1 Democracy Index 39
4.6.2 Governance Index 39
5 Argentina Exploration and Production Sector 40
5.1 Argentina Exploration and Production Sector, Country Snapshot 40
5.1.1 Argentina Exploration and Production Sector, Key Data 40
5.1.2 Argentina Exploration and Production Sector, Natural Gas Assets Map 40
5.2 Argentina Exploration and Production Sector, Marketed Natural Gas Production 41
5.2.1 Argentina Exploration and Production Sector, Marketed Natural Gas-Historical Production 41
5.2.2 Argentina Exploration and Production Sector, Marketed Natural Gas Production by Assets 42
5.2.3 Argentina Exploration and Production Sector, Marketed Equity Weighted Natural Gas Production by Company 47
5.2.4 Argentina Exploration and Production Sector, Market Share (%) based on Marketed Natural Gas Production 50
5.3 Argentina Exploration and Production Sector, Marketed Natural Gas Forecasts 51
5.3.1 Argentina Exploration and Production Sector, Marketed Natural Gas Forecasted Production 51
5.3.2 Argentina Exploration and Production Sector, Gross Revenue Forecast 53
5.3.3 Argentina Exploration and Production Sector, Government Take Forecast 55
5.3.4 Argentina Exploration and Production Sector, Contractor Take Forecast 57
5.4 Argentina Exploration And Production Sector, Natural Gas Asset Details 59
5.4.1 Argentina Exploration And Production Sector, Active Natural Gas Asset Details 59
6 Argentina Pipeline Sector 63
6.1 Argentina Pipeline Sector, Key Data 63
6.2 Argentina Pipeline Sector, An Overview 63
6.3 Argentina Pipeline Sector, Comparision of Key Natural Gas Pipeline Companies 63
6.4 Argentina Pipeline Sector, Natural Gas Pipelines 65
7 Argentina Under Ground Storage Gas Sector 68
7.1 Argentina Under Ground Storage Sector, Key Data 68
7.2 Argentina Underground Gas Storage Sector, An Overview 68
7.3 Argentina Underground Gas Storage Sector, Capacity-Wise Market Share by Company 68
7.4 Argentina, Underground Gas Storage Sector, Storage Capacity 69
8 Profile of Repsol YPF, S.A 70
8.1 Repsol YPF, S.A, Key Information 70
8.2 Repsol YPF, S.A, Company Overview 70
8.3 Repsol YPF, S.A, Business Description 70
8.3.1 Repsol YPF, S.A, Business Description, Business Overview 70
8.3.2 Repsol YPF, S.A, Business Description, Chemicals Segment 71
8.3.3 Repsol YPF, S.A, Business Description, Exploration and Production Segment 72
8.3.4 Repsol YPF, S.A, Business Description, Gas and Power Segment 73
8.3.5 Repsol YPF, S.A, Business Description, Refining and Marketing Segment 74
8.4 Repsol YPF, S.A, Value Chain Analysis 77
8.4.1 Repsol YPF, S.A, Value Chain Analysis, Upstream 78
8.4.2 Repsol YPF, S.A, Value Chain Analysis, Midstream 78
8.4.3 Repsol YPF, S.A, Value Chain Analysis, Downstream 79
8.4.4 Repsol YPF, S.A, Value Chain Analysis, Retail 79
8.5 Repsol YPF, S.A, SWOT Analysis 80
8.5.1 Repsol YPF, S.A, SWOT Analysis, Overview 80
8.5.2 Repsol YPF, S.A, SWOT Analysis, Strengths 81
8.5.3 Repsol YPF, S.A, SWOT Analysis, Weaknesses 82
8.5.4 Repsol YPF, S.A, SWOT Analysis, Opportunities 83
8.5.5 Repsol YPF, S.A, SWOT Analysis, Threats 84
8.6 Repsol YPF, S.A, Revenue Analysis 85
8.6.1 Repsol YPF, S.A, Revenue by Segment 86
8.6.2 Repsol YPF, S.A, Revenue by Geography 86
8.7 Repsol YPF, S.A, Financial and Operational Review 87
8.7.1 Financial Statements 87
8.7.2 Financial Ratios 88
9 Profile Of Petroleo Brasileiro S.A. 89
9.1 Petroleo Brasileiro S.A., Key Information 89
9.2 Petroleo Brasileiro S.A., Company Overview 89
9.3 Petroleo Brasileiro S.A., Business Description 89
9.3.1 Petroleo Brasileiro S.A., Business Description, Business Overview 89
9.3.2 Petroleo Brasileiro S.A., Business Description, Distribution 89
9.3.3 Petroleo Brasileiro S.A., Business Description, Exploration and Production 90
9.3.4 Petroleo Brasileiro S.A., Business Description, Gas and Energy 92
9.3.5 Petroleo Brasileiro S.A., Business Description, International 93
9.3.6 Petroleo Brasileiro S.A., Business Description, Supply 94
9.4 Petroleo Brasileiro S.A., Value Chain Analysis 96
9.4.1 Petroleo Brasileiro S.A., Value Chain Analysis, Upstream 96
9.4.2 Petroleo Brasileiro S.A., Value Chain Analysis, Midstream 97
9.4.3 Petroleo Brasileiro S.A., Value Chain Analysis, Downstream 98
9.4.4 Petroleo Brasileiro S.A., Value Chain Analysis, Retail 99
9.5 Petroleo Brasileiro S.A., SWOT Analysis 99
9.5.1 Petroleo Brasileiro S.A., SWOT Analysis, Overview 99
9.5.2 Petroleo Brasileiro S.A., SWOT Analysis, Strengths 100
9.5.3 Petroleo Brasileiro S.A., SWOT Analysis, Weaknesses 101
9.5.4 Petroleo Brasileiro S.A., SWOT Analysis, Opportunities 102
9.5.5 Petroleo Brasileiro S.A., SWOT Analysis, Threats 103
9.6 Petroleo Brasileiro S.A., Revenue Analysis 103
9.6.1 Petroleo Brasileiro S.A., Revenue by Segment 103
9.6.2 Petroleo Brasileiro S.A., Revenue by Geography 104
9.7 Petroleo Brasileiro S.A., Financial and Operational Review 105
9.7.1 Financial Statements 105
9.7.2 Financial Ratios 106
10 Profile of Total S.A. 107
10.1 Total S.A., Key Information 107
10.2 Total S.A., Company Overview 107
10.3 Total S.A., Business Description 107
10.3.1 Total S.A., Business Description, Business Overview 107
10.3.2 Total S.A., Business Description, Chemicals 108
10.3.3 Total S.A., Business Description, Downstream 109
10.3.4 Total S.A., Business Description, Upstream 110
10.3.5 Total S.A., Business Description, Major Products and Services 111
10.4 Total S.A., Value Chain Analysis 113
10.4.1 Total S.A., Value Chain Analysis, Upstream 114
10.4.2 Total S.A., Value Chain Analysis, Midstream 114
10.4.3 Total S.A., Value Chain Analysis, Downstream 115
10.4.4 Total S.A., Value Chain Analysis, Retail 116
10.5 Total S.A., SWOT Analysis 116
10.5.1 Total S.A., SWOT Analysis, Overview 116
10.5.2 Total S.A., SWOT Analysis, Strengths 117
10.5.3 Total S.A., SWOT Analysis, Weaknesses 118
10.5.4 Total S.A., SWOT Analysis, Opportunities 118
10.5.5 Total S.A., SWOT Analysis, Threats 119
10.6 Total S.A., Revenue Analysis 120
10.6.1 Total S.A., Revenue by Segment 121
10.6.2 Total S.A., Revenue by Geography 121
10.7 Total S.A., Financial and Operational Review 123
10.7.1 Financial Statements 123
10.7.2 Financial Ratios 124
11 Financial Deals Landscape 125
11.1 Detailed Deal Summary 125
11.1.1 Acquisition 125
11.1.2 Debt Offerings 127
11.1.3 Partnerships 128
11.1.4 Asset Transactions 130
12 Recent Developments 135
12.1 License Awards 135
12.1.1 Mar 30, 2009: Apache Announces Extention Of Neuquen Concessions In Argentina 135
12.1.2 Feb 10, 2009: Total Signs Agreement To Extend Aguada Pichana And San Roque Concessions In Neuquen Province 135
12.1.3 Jan 20, 2009: Argenta Receives Formal Award Of Loma El Divisadero Concession In Argentina 136
12.2 Strategy and Business Expansion 136
12.2.1 Mar 29, 2009: PetroVietnam Signs Partnership Agreement With ENARSA 136
12.2.2 Dec 10, 2008: Petrobras And YPF Sign Agreement To Undertake Joint Studies Off South Atlantic Coast 137
12.3 Recent Discoveries 137
12.3.1 Feb 24, 2009: Madalena Ventures Announces Oil Discovery At Coiron Amargo Exploration Block In Neuquen, Argentina 137
12.3.2 Oct 16, 2008: API And Partners Discover First Oil In Neuquen Basin, Argentina 138
12.3.3 Sep 17, 2008: Gran Tierra Discovers Oil At Proa.x-1 Well In Surubi Block, Argentina 138
12.3.4 Aug 05, 2008: Gran Tierra Encounters Good Oil Shows At Costayaco-5 In Colombia 139
12.4 Drilling and Production Updates 142
12.4.1 Mar 05, 2009: Madalena Ventures Updates On CAN-X2 Well On Coiron Amargo Exploration Block, Argentina 142
12.4.2 Mar 04, 2009: Petrolifera Petroleum Updates On La Pinta 1 Well In Sierra Nevada License, Colombia 144
12.4.3 Feb 13, 2009: Crown Point Spuds Calandria Mora Exploration Well In Neuquen Basin, Argentina 145
12.4.4 Feb 09, 2009: Gran Tierra Reports Year-End 2008 Reserves 145
12.4.5 Feb 05, 2009: Madalena To Conclude Operations On Argentina Exploration Well 148
12.5 Financial Announcements 148
12.5.1 May 05, 2009: Transportadora Reports Net Revenues Of ARS326.4 For Q1 2009 148
12.5.2 Mar 16, 2009: Apco Argentina Reports 2008 Results 150
12.5.3 Feb 05, 2009: Transportadora Reports 2008 Year-End Results 151
12.5.4 Nov 06, 2008: MetroGAS Reports 3Q 2008 Results 154
12.6 Other Significant Developments 157
12.6.1 May 01, 2009: Petro Andina Provides Q1 2009 Operational Update 157
12.6.2 Apr 29, 2009: Americas Petrogas Provides Operational Update 160
12.6.3 Apr 17, 2009: Petrolifera Petroleum Provides Operations Update 162
12.6.4 Feb 17, 2009: Global Financial Crisis Hits Venezuelan Gas Link Plans 163
12.6.5 Feb 02, 2009: Transportadora Appoints CEO 163
12.6.6 Jan 30, 2009: Otto Provides 2008 Operational Update 164
12.6.7 Jan 26, 2009: Petrolifera Provides Operational Update 167
12.6.8 Jan 22, 2009: Argentina's Oil Output Drops By 1.8% In 2008 170
12.6.9 Jan 20, 2009: Petro Andina Provides Operations Update 170
12.6.10 Jan 12, 2009: Gran Tierra Provides Operations Update In Colombia, Argentina, And Peru 173
12.6.11 Jan 12, 2009: Gran Tierra Restarts Crude Oil Transportation And Provides Production Update In Argentina 175
12.7 New Contracts Announcements 175
12.7.1 Apr 02, 2009: Excelerate Energy Signs Two-Year Extension On Regasification Agreement With Respol 175
13 Appendix 177
13.1 Methodology 177
13.1.1 Coverage 178
13.1.2 Secondary Research 179
13.1.3 Primary Research 179
13.1.4 E&P Forecasts 179
13.1.5 Midstream Forecasts 181
13.1.6 Expert Panel Validation 181
13.2 Contact Us 181
13.3 About GlobalData 181
13.4 Disclaimer 182
1.1 List of Tables
Table 1: Argentina, Historical and Forecasted Production and Consumption of Natural Gas, 1996-2020 15
Table 2: Argentina, Historical and Forecasted Imports and Exports of Natural Gas, 1996-2020 17
Table 3: Argentina, Historical Reserves of Natural Gas, 1996-2008 19
Table 4: Argentina, Fees Payable Under Exploration Permit, 2007 24
Table 5: Argentina, Provincial State Tax, 2007 25
Table 6: South and Central America, Investment Benchmarking, Overall Country Rankings, 2008 28
Table 7: South and Central America, Investment Benchmarking, Upstream Fiscal Attractiveness, 2008 29
Table 8: South and Central America, Investment Benchmarking, Gas Sector Performance, 2008 31
Table 9: South and Central America, Investment Benchmarking, Economic Performance, 2008 35
Table 10: South and Central America, Country Standings, Economic Performance, 2008 36
Table 11: South and Central America, Investment Benchmarking, Socio-Political Performance, 2008 38
Table 12: South and Central America, Country Standings, Socio-Political Performance, 2008 38
Table 13: Argentina, Natural Gas Key Statistics, 2008 40
Table 14: Argentina, Total Marketed Natural Gas Production (MMcf), 2001-2008 41
Table 15: Argentina, Marketed Natural Gas Production (MMcf), by Assets, 2001-2008 42
Table 16: Argentina, Marketed Equity Weighted Natural Gas Production (MMcf), by Company, 2001-2008 47
Table 17: Argentina, Market Share (%) based on Marketed Natural Gas Production, 2001-2008 50
Table 18: Argentina, Marketed Natural Gas Production(MMcf), Forecast by Assets, 2009-2014 51
Table 19: Argentina, Marketed Natural Gas Production(MMcf), Forecast by Assets, 2009-2014 (Contd.) 52
Table 20: Argentina, Forecasted Assets-wise Gross Revenue(000'$), 2009-2014 53
Table 21: Argentina, Forecasted Assets-wise Gross Revenue(000'$), 2009-2014 (Contd.) 54
Table 22: Argentina, Projected Assets-wise Total Government Take(000'$), 2009-2014 55
Table 23: Argentina, Projected Assets-wise Total Government Take(000'$), 2009-2014 (Contd.) 56
Table 24: Argentina, Projected Assets-wise Total Contractor Take(000'$), 2009-2014 57
Table 25: Argentina, Projected Assets-wise Total Contractor Take(000'$), 2009-2014 (Contd.) 58
Table 26: Argentina, Active Gas Field Assets Details 59
Table 27: Argentina, Pipeline Key Statistics, 2008 63
Table 28: Argentina, Natural Gas Pipeline Length by Company (Km), 2008 63
Table 29: Argentina, Natural Gas Pipelines, 2008 65
Table 30: Argentina, Natural Gas Pipelines, 2008 (Contd.) 66
Table 31: Argentina, Natural Gas Pipelines, 2008 (Contd.) 67
Table 32: Argentina Underground Gas Storage Key Statistics, 2008 68
Table 33: Argentina Underground Gas Storage Capacity, Company-wise, 2008 68
Table 34: Argentina, Underground Gas Storage Capacity, 2008 69
Table 35: Repsol YPF, S.A., Key Facts 70
Table 36: Repsol YPF, S.A., SWOT Analysis 81
Table 37: Repsol YPF, S.A., Revenue by Segment, Euro Million, 2003-2007 86
Table 38: Repsol YPF, S.A., Revenue by Geography, Euro Million, 2003-2007 87
Table 39: Repsol YPF, S.A., Financial Statements, Euro Million, 2003-2007 87
Table 40: Repsol YPF, S.A., Financial Ratios, Euro Million, 2003-2007 88
Table 41: Petroleo Brasileiro S.A., Key Facts 89
Table 42: Petroleo Brasileiro S.A., SWOT Analysis 100
Table 43: Petroleo Brasileiro S.A., Revenue by Segment, USD Million, 2003-2007 104
Table 44: Petroleo Brasileiro S.A., Revenue by Geography, USD Million, 2003-2007 104
Table 45: Petroleo Brasileiro S.A., Financial Statements, USD Million, 2003-2007 105
Table 46: Petroleo Brasileiro S.A., Financial Ratios, USD Million, 2003-2007 106
Table 47: TOTAL S.A., Key Facts 107
Table 48: TOTAL S.A., SWOT Analysis 117
Table 49: TOTAL S.A., Revenue by Segment, Euro Million, 2003-2007 121
Table 50: TOTAL S.A., Revenue by Geography, Euro Million, 2003-2007 122
Table 51: TOTAL S.A., Financial Statements, Euro Million, 2003-2007 123
Table 52: TOTAL S.A., Financial Ratios, Euro Million, 2003-2007 124
Table 53: Franklin To Sell 51% Stake In Franklin Oil & Gas Bolivia And Franklin Oil & Gas, Argentina 125
Table 54: YPF Sells Its 14.9% Stake For $2,235 Million 126
Table 55: Transportadora de Gas del Sur Completes Public Offering Of $500 Million 127
Table 56: Petro Andina Forms Joint Venture With Pampetrol 128
Table 57: Madalena, Hidenesa And Estrella Enter Into A Joint Venture Agreement 129
Table 58: New Times Group Receives Approval To Acquire 60% Interest In Argentina Oilfield 130
Table 59: Franklin Mining Completes Sale Of Energy Assets 131
Table 60: Otto Energy Enters Into A Farmin Agreement With Oromin Explorations 132
Table 61: Pluris Energy To Acquire Cerro Negro Concession From Clear 133
Table 62: Surge Global Energy Sells Its 17.52% Interest In The Santa Rosa Property To Oromin Explorations 134
1.2 List of Figures
Figure 1: Argentina, Energy Sector Break-Up, 2008 13
Figure 2: Argentina, Natural Gas Production And Consumption, Billion Cubic Feet, 1996-2020 16
Figure 3: Argentina, Natural Gas Imports And Exports, Billion Cubic Feet, 1996-2020 18
Figure 4: Argentina, Natural Gas Reserves, Billion Cubic Feet, 1996-2008 20
Figure 5: Argentina, Upstream Oil & Gas Fiscal Regime (Royalty/Tax), Sample Cashflows, 2005-2016 27
Figure 6: South and Central America, Country Standings, Upstream Fiscal Attractiveness, 2008 30
Figure 7: South and Central America, Country Standings, Gas Sector Performance, by Reserves-Exploration & Production, 2008 32
Figure 8: South and Central America, Country Standings, Gas Sector Performance, by Production & Consumption, 2008 33
Figure 9: South and Central America, Country Standings, Exploration Blocks Awarded, 2008 34
Figure 10: South and Central America, Country Standings, Economic Performance, 2008 36
Figure 11: South and Central America, Country Standings, Socio-Political Performance, 2008 39
Figure 12: Argentina, Natural Gas Assets Map, 2008 40
Figure 13: Argentina, Total Marketed Natural Gas Production (MMcf), 2001-2008 41
Figure 14: Argentina, Marketed Equity Weighted Natural Gas Production (MMcf), by Company, 2001-2008 49
Figure 15: Argentina, Market Share (%) based on Marketed Natural Gas Production, 2008 50
Figure 16: Argentina, Natural Gas Pipeline Length by Company (Km), 2008 64
Figure 17: Repsol YPF, S.A., Value Chain Analysis 77
Figure 18: Petroleo Brasileiro S.A., Value Chain Analysis 96
Figure 19: TOTAL S.A., Value Chain Analysis 113
Figure 20: GlobalData Methodology 178
