1 Table Of Contents
1 Table Of Contents 2
1.1 List of Tables 8
1.2 List of Figures 10
2 Argentina Energy Sector 11
2.1 Argentina Energy Sector, Market Overview 11
2.2 Argentina Energy Sector, Crude Oil 12
2.2.1 Argentina Crude Oil, Overview 12
2.2.2 Argentina Crude Oil, Supply and Demand Balance 12
2.2.3 Argentina Crude Oil, Regulatory Structure 18
2.2.4 Argentina Crude Oil, Infrastructure 19
3 Argentina Oil Upstream Investment Environment Benchmarking 20
3.1 Introduction 20
3.2 The Overall Ranking 20
3.3 Upstream Fiscal Attractiveness 21
3.3.1 Maximum Government Take Index 22
3.3.2 Maximum State Participation Index 22
3.3.3 Domestic Market Obligation Index 22
3.4 Oil Sector Performance 23
3.4.1 Exploration Activity 25
3.4.2 Oil Production 26
3.4.3 Oil Reserves 26
3.4.4 Oil Consumption 27
3.4.5 Refining Industry 27
3.5 Economic Performance 27
3.5.1 GDP Growth Index 29
3.5.2 FDI Confidence Index 29
3.5.3 Balance of Trade Index 30
3.6 Socio-Political Performance 30
3.6.1 Democracy Index 32
3.6.2 Governance Index 32
4 Argentina Exploration and Production Sector 33
4.1 Argentina Exploration and Production Sector, Country Snapshot 33
4.1.1 Argentina Exploration and Production Sector, Key Data 33
4.1.2 Argentina Exploration and Production Sector, Crude Oil Assets Map 33
4.2 Argentina Exploration and Production Sector, Gross Crude Oil Production 34
4.2.1 Argentina Exploration and Production Sector, Total Gross Crude Oil-Historical Production 34
4.2.2 Argentina Exploration and Production Sector, Gross Crude Oil-Historical Production by Type 35
4.2.3 Argentina Exploration and Production Sector, Gross Crude Oil Production by Assets 36
4.2.4 Argentina Exploration and Production Sector, Gross Equity Weighted Crude Oil Production by Company 38
4.2.5 Argentina Exploration and Production Sector, Market Share based on Gross Equity Weighted Crude Oil Production 39
4.3 Argentina Exploration and Production Sector, Gross Crude Oil Forecasts 41
4.3.1 Argentina Exploration and Production Sector, Gross Crude Oil Forecasted Production 41
4.4 Argentina Exploration And Production Sector, Crude Oil Asset Details 43
4.4.1 Argentina Exploration And Production Sector, Active Crude Oil Asset Details 43
4.4.2 Argentina Exploration And Production Sector, Planned Crude Oil Asset Details 47
4.5 Argentina Exploration And Production Sector, Major Oil Discoveries 47
4.5.1 Argentina Exploration And Production Sector, Number of Oil Discoveries, 2005- 2010 47
4.5.2 Argentina Exploration And Production Sector, Oil Discovery Details 48
4.6 Argentina Exploration and Production Sector, Recent Discoveries 49
4.6.1 May 10, 2011: Madalena Cases Can X-4 Well As Potential Oil Discovery 49
4.6.2 Dec 06, 2010: YPF Discovers Natural Gas Reserve In Argentina 49
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 51
4.7.3 Sep 22, 2010: Crown Point Ventures Completes Third Oil Well In Argentina 51
4.7.4 Sep 21, 2010: Americas Petrogas Completes Drilling And Casing At LTN.x-2 Exploration Well In Los Toldos II Block, Argentina 52
4.7.5 Sep 08, 2010: Americas Petrogas Completes Drilling And Casing At LTN.x-1 Exploration Well In Los Toldos II Block, Argentina 52
5 Argentina Pipeline Sector 53
5.1 Argentina Pipeline Sector, Key Data 53
5.2 Argentina Pipeline Sector, An Overview 53
5.3 Argentina Pipeline Sector, Comparison of Key Crude Oil Pipeline Companies 53
5.4 Argentina Pipeline Sector, Comparison of Key Petroleum Product Pipeline Companies 54
5.5 Argentina Pipeline Sector, Crude Oil Pipelines 56
5.6 Argentina Pipeline Sector, Petroleum Product Pipelines 57
6 Argentina Refining Sector 58
6.1 Argentina Refining Sector, Key Data 58
6.2 Argentina Refining Sector, An Overview 58
6.2.1 Argentina Refining Sector, Total Refining Capacity 58
6.3 Argentina Refining Sector, Capacity- Wise Market Share by Company 59
6.4 Argentina Refining Sector, Crude Distillation Unit Capacity 61
6.5 Argentina Refining Sector, Coking Capacity 62
6.6 Argentina Refining Sector, Fluid Catalytic Cracking Capacity 62
6.7 Argentina Refining Sector, Hydrocracking Capacity 63
7 Argentina Oil and Chemicals Storage Sector 64
7.1 Argentina Oil and Chemicals Storage Sector, Key Data 64
7.2 Argentina Oil and Chemicals Storage Sector, An Overview 64
7.2.1 Argentina Oil and Chemicals Storage Sector, Total Storage Capacity 64
7.2.2 Argentina Oil and Chemicals Storage Sector, Storage Capacity Share by Area 65
7.3 Argentina Oil and Chemicals Storage Sector, Capacity- Wise Market Share by Company 66
7.4 Argentina Oil and Chemicals Storage Sector, Storage Capacity 67
8 Profile of Petroleo Brasileiro S.A. 68
8.1 Petroleo Brasileiro S.A., Key Information 68
8.2 Petroleo Brasileiro S.A., Company Overview 68
8.3 Petroleo Brasileiro S.A., Business Description 68
8.3.1 Business Overview 68
8.3.2 Distribution 69
8.3.3 Gas and Power 69
8.3.4 International 70
8.3.5 Refining, Transportation and Marketing 71
8.4 Petroleo Brasileiro S.A., SWOT Analysis 72
8.4.1 Overview 72
8.4.2 Petroleo Brasileiro S.A. Strengths 73
8.4.3 Petroleo Brasileiro S.A. Weaknesses 74
8.4.4 Petroleo Brasileiro S.A. Opportunities 74
8.4.5 Petroleo Brasileiro S.A. Threats 76
9 Profile of TOTAL S.A 78
9.1 TOTAL S.A, Key Information 78
9.2 TOTAL S.A, Company Overview 78
9.3 TOTAL S.A, Business Description 78
9.3.1 Business Overview 78
9.3.2 Chemicals 79
9.3.3 Downstream 79
9.3.4 Upstream 80
9.4 TOTAL S.A, SWOT Analysis 82
9.4.1 Overview 82
9.4.2 TOTAL S.A. Strengths 82
9.4.3 TOTAL S.A. Weaknesses 84
9.4.4 TOTAL S.A. Opportunities 84
9.4.5 TOTAL S.A. Threats 85
10 Profile of Repsol YPF, S.A 87
10.1 Repsol YPF, S.A, Key Information 87
10.2 Repsol YPF, S.A, Company Overview 87
10.3 Repsol YPF, S.A, Business Description 87
10.3.1 Business Overview 87
10.3.2 Downstream 88
10.3.3 Gas Natural SDG 89
10.3.4 LNG 90
10.3.5 Upstream 90
10.3.6 Upstream 91
10.3.7 YPF 92
10.4 Repsol YPF, S.A, SWOT Analysis 93
10.4.1 Overview 93
10.4.2 Repsol YPF, S.A. Strengths 94
10.4.3 Repsol YPF, S.A. Weaknesses 95
10.4.4 Repsol YPF, S.A. Opportunities 96
10.4.5 Repsol YPF, S.A. Threats 97
11 Financial Deals Landscape 98
11.1 Detailed Deal Summary 98
11.1.1 Acquisition 98
11.1.2 Equity Offerings 105
11.1.3 Debt Offerings 107
11.1.4 Partnerships 108
11.1.5 Asset Transactions 109
12 Recent Developments 117
12.1 Strategy and Business Expansion 117
12.1.1 Sep 20, 2010: Excelerate Energy Announces Signing Of Term Sheet For New LNG Import Project At Escobar, Argentina 117
12.2 Other Significant Developments 117
12.2.1 May 10, 2011: Crown Point Ventures Updates On EV 26 Well In San Jorge Basin, Argentina 117
12.2.2 Apr 19, 2011: Crown Point Ventures Resumes Drilling And Production Operations At El Valle In Golfo San Jorge Basin, Argentina 118
12.2.3 Apr 15, 2011: Crown Point Ventures Provides Update On Drilling Program 118
12.2.4 Apr 12, 2011: Madalena Provides Argentine Operations Update 118
12.2.5 Apr 06, 2011: Gran Tierra Energy Provides Operations Update 119
12.2.6 Feb 17, 2011: Madalena Provides Argentine Operations Update 120
12.2.7 Feb 15, 2011: Gran Tierra Energy Provides Operations Update 120
12.2.8 Jan 25, 2011: Canoel International Energy Provides Argentina Operations Update 122
12.2.9 Dec 29, 2010: Azabache Energy Announces Results Of Workover On Ojo De Agua X-1 Well In Neuquen Basin, Argentina 123
12.2.10 Dec 22, 2010: Americas Petrogas Provides Test Results Of MS.s-1 Well In Medanito Sur Block, Argentina 124
12.2.11 Dec 20, 2010: Gran Tierra Energy Announces $299.2 Million Capital Program For 2011 124
12.2.12 Dec 20, 2010: Gran Tierra Energy Provides Operations Update 127
12.2.13 Dec 16, 2010: Americas Petrogas Updates On Argentina Activities 127
12.2.14 Dec 14, 2010: Madalena Provides Argentina Operations Update 129
12.2.15 Nov 16, 2010: Madalena Provides CAN X-1 Exploration Well Update 129
12.3 New Contracts Announcements 130
12.3.1 Mar 15, 2011: Morgan Stanley And Gas Natural To Supply LNG To Puerto Escobar Plant In Argentina 130
13 Appendix 131
13.1 Abbreviations 131
13.2 Methodology 131
13.2.1 Coverage 131
13.2.2 Secondary Research 132
13.2.3 Primary Research 132
13.2.4 Expert Panel Validation 132
13.3 Contact Us 133
13.4 Disclaimer 133
1.1 List of Tables
Table 1: Argentina, Historic and Forecast Production and Consumption of Crude Oil, Thousand Barrels Per Day, 2000-2020 13
Table 2: Argentina, Historic and Forecast Exports and Imports of Crude Oil, Thousand Barrels Per Day, 2000-2020 15
Table 3: Argentina, Historic Reserves of Crude Oil, Million Barrels, 2000-2010 17
Table 4: South and Central America, Investment Benchmarking, Overall Country Rankings, May 2011 20
Table 5: South and Central America, Investment Benchmarking, Upstream Fiscal Attractiveness, May 2011 21
Table 6: South and Central America, Investment Benchmarking, Oil Sector Performance, May 2011 23
Table 7: South and Central America, Investment Benchmarking, Economic Performance, May 2011 28
Table 8: South and Central America, Country Standings, Economic Performance, May 2011 28
Table 9: South and Central America, Investment Benchmarking, Socio-Political Performance, May 2011 30
Table 10: South and Central America, Country Standings, Socio-Political Performance, May 2011 31
Table 11: Argentina, Crude Oil Key Statistics, 2010 33
Table 12: Argentina, Total Gross Crude Oil Production (MMBBLs), 2003- 2010 34
Table 13: Argentina, Total Gross Crude Oil Production By Type (MMBBLs), 2003- 2010 35
Table 14: Argentina, Gross Crude Oil Production (MMBBLs), by Major Assets, 2003- 2010 36
Table 15: Argentina, Gross Equity Weighted Crude Oil Production (MMBBLs), by Key Companies, 2003- 2010 38
Table 16: Argentina, Market Share (%) based on Gross Equity Weighted Crude Oil Production, 2003-2010 39
Table 17: Argentina, Gross Crude Oil Production (Thousand Barrels), Forecast by Major Assets, 2011-2015 41
Table 18: Argentina, Major Active Oil Field Asset Details 43
Table 19: Argentina, Planned Oil Field Asset Details 47
Table 20: Argentina, Number of Oil Discoveries, 2005- 2010 47
Table 21: Argentina, Oil Discovery Details, 2005-2010 48
Table 22: Argentina, Pipeline Key Statistics, May 2011 53
Table 23: Argentina, Crude Oil Pipeline Length by Company (Km), May 2011 53
Table 24: Argentina, Petroleum Product Pipeline Length by Company (Km), May 2011 54
Table 25: Argentina, Crude Oil Pipelines, May 2011 56
Table 26: Argentina, Petroleum Products Pipelines, May 2011 57
Table 27: Argentina, Refinery Key Statistics, May 2011 58
Table 28: Argentina, Total Refining Capacity (MMTPA), 2000- 2015 58
Table 29: Argentina, Refining Capacity By Company (MMTPA), 2000-2015 59
Table 30: Argentina, Crude Distillation Unit Capacity (MMTPA), 2000-2015 61
Table 31: Argentina, Coking Unit Capacity (MMTPA), 2000-2015 62
Table 32: Argentina, Fluid Catalytic Cracking Unit Capacity (MMTPA), 2000-2015 62
Table 33: Argentina, Hydrocracking Unit Capacity (MMTPA), 2000-2015 63
Table 34: Argentina, Oil and Chemicals Storage Key Statistics, May 2011 64
Table 35: Argentina, Total Oil and Chemicals Storage Capacity (Thousand M3), 2000- 2015 64
Table 36: Argentina, Oil and Chemicals Storage Capacity by Company (Thousand M3), 2000-2015 66
Table 37: Argentina, Oil and Chemicals Storage Capacity (Thousand M3), 2000-2015 67
Table 38: Petroleo Brasileiro S.A., Key Facts 68
Table 39: Petroleo Brasileiro S.A., SWOT Analysis 72
Table 40: TOTAL S.A., Key Facts 78
Table 41: TOTAL S.A., SWOT Analysis 82
Table 42: Repsol YPF, S.A., Key Facts 87
Table 43: Repsol YPF, S.A., SWOT Analysis 93
Table 44: Grupo Petersen To Acquire 10% Stake In YPF 98
Table 45: Repsol To Sell 2.9% Interest In YPF To Lazard Asset Management 99
Table 46: Repsol To Sell 0.93% Interest In YPF 100
Table 47: Repsol To Sell 3.3% Stake In YPF To Eton Park And Capital 101
Table 48: Sinopec Acquires Occidental Argentina 102
Table 49: Bridas To Acquire 60% Interest In Pan American Energy From BP 103
Table 50: RPT Resources Completes Private Placement Of Subscription Receipts For $29.4 Million 105
Table 51: New Sage Energy Completes Final Tranche Private Placement For $0.1 Million 106
Table 52: YPF To Issue Bonds For $300 Million 107
Table 53: Pampa Energia Forms Joint Venture With Apache 108
Table 54: Apache Acquires 50% Interest In Santa Victoria Block From Gran Tierra Energy 109
Table 55: Total And Repsol Acquires Interests In Four Licenses In Argentina 110
Table 56: Crown Point Acquires 100% Interest In Canadon Ramirez Exploitation Concession, Argentina 111
Table 57: Antrim Energy Acquires 50.1% Interest In Cerro Los Leones Exploration Concession 112
Table 58: Ilakon Acquires El Carmen Oil And Gas Property From Marifil Mines 113
Table 59: YPF Enters Into Farm-In Agreement With Andes 114
Table 60: Americas Petrogas To Farm-Out Stake In Huacalera Block To Apache 115
Table 61: Americas Petrogas Enters Into Farm-In Agreement With Petrolifera Petroleum 1161.2
List of Figures
Figure 1: Argentina, Energy Consumption Split by Fuel Type (%), 2010 12
Figure 2: Argentina, Crude Oil Production And Consumption, Thousand Barrels Per Day, 2000-2020 14
Figure 3: Argentina, Crude Oil Exports And Imports, Thousand Barrels Per Day, 2000-2020 16
Figure 4: Argentina, Crude Oil Reserves, Million Barrels, 2000-2010 18
Figure 5: South and Central America, Country Standings, Upstream Fiscal Attractiveness, May 2011 22
Figure 6: South and Central America, Country Standings, Oil Sector Performance by Reserves - Exploration & Production, May 2011 24
Figure 7: South and Central America, Country Standings, Oil Sector Performance, by Production-Consumption & Refining, May 2011 25
Figure 8: South and Central America, Country Standings, Number Of Exploration Blocks Awarded, May 2011 26
Figure 9: South and Central America, Country Standings, Economic Performance by FDI Confidence- GDP Growth & Production, May 2011 29
Figure 10: South and Central America, Country Standings, Socio-Political Performance, May 2011 31
Figure 11: Argentina, Crude Oil Assets Map, May 2011 33
Figure 12: Argentina, Total Gross Crude Oil Production (MMBBLs), 2003-2010 34
Figure 13: Argentina, Total Gross Crude Oil Production (MMBBLs) by Type, 2003-2010 35
Figure 14: Argentina, Gross Equity Weighted Crude Oil Production (MMBBLs), by Company, 2003-2010 39
Figure 15: Argentina, Market Share (%) based on Gross Equity Weighted Crude Oil Production, 2010 40
Figure 16: Argentina, Number of Oil Discoveries, 2005- 2010 48
Figure 17: Argentina, Crude Oil Pipeline Length By Company (Km), May 2011 54
Figure 18: Argentina, Petroleum Product Pipeline Length By Company (Km), May 2011 55
Figure 19: Argentina, Total Refining Capacity (MMTPA), 2000- 2015 59
Figure 20: Argentina, Refining Capacity-Wise Market Share (%) By Company, 2010 60
Figure 21: Argentina, Total Oil and Chemicals Storage Capacity (Thousand M3), 2000- 2015 65
Figure 22: Argentina, Oil and Chemicals Storage Capacity Share by Area (%), 2010 65
Figure 23: Argentina, Oil and Chemicals Storage Capacity by Company (Thousand M3), 2000-2015 66
