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, Crude Oil 14
2.2.1 Argentina Crude Oil, Overview 14
2.2.2 Argentina Crude Oil, Supply and Demand Balance 14
2.2.3 Argentina Crude Oil, Regulatory Structure 20
2.2.4 Argentina Crude Oil, 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 Oil 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 31
4.4 Oil Sector Performance 31
4.4.1 Exploration Activity 33
4.4.2 Oil Production 34
4.4.3 Oil Reserves 34
4.4.4 Oil Consumption 35
4.4.5 Refining Industry 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 38
4.6 Socio-Political Performance 38
4.6.1 Democracy Index 40
4.6.2 Governance Index 40
5 Argentina Exploration and Production Sector 41
5.1 Argentina Exploration and Production Sector, Country Snapshot 41
5.1.1 Argentina Exploration and Production Sector, Key Data 41
5.1.2 Argentina Exploration and Production Sector, Crude Oil Assets Map 41
5.2 Argentina Exploration and Production Sector, Gross Crude Oil Production 42
5.2.1 Argentina Exploration and Production Sector, Gross Crude Oil-Historical Production 42
5.2.2 Argentina Exploration and Production Sector, Gross Crude Oil Production by Assets 43
5.2.3 Argentina Exploration and Production Sector, Gross Equity Weighted Crude Oil Production by Company 48
5.2.4 Argentina Exploration and Production Sector, Market Share (%) based on Gross Equity Weighted Crude Oil Production 51
5.3 Argentina Exploration and Production Sector, Gross Crude Oil Forecasts 52
5.3.1 Argentina Exploration and Production Sector, Gross Crude Oil Forecasted Production 52
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 56
5.4 Argentina Exploration And Production Sector, Crude Oil Asset Details 58
5.4.1 Argentina Exploration And Production Sector, Active Crude Oil Asset Details 58
6 Argentina Pipeline Sector 64
6.1 Argentina Pipeline Sector, Key Data 64
6.2 Argentina Pipeline Sector, An Overview 64
6.3 Argentina Pipeline Sector, Comparision of Key Crude Oil Pipeline Companies 65
6.4 Argentina Pipeline Sector, Comparision of Key Petroleum Product Pipeline Companies 66
6.5 Argentina Pipeline Sector, Crude Oil Pipelines 67
6.6 Argentina Pipeline Sector, Petroleum Product Pipelines 68
7 Argentina Refining Sector 69
7.1 Argentina Refining Sector, Key Data 69
7.2 Argentina Refining Sector, An Overview 69
7.2.1 Argentina Refining Sector, Total Refining Capacity 69
7.3 Argentina Refining Sector, Capacity- Wise Market Share by Company 70
7.4 Argentina Refining Sector, Crude Distillation Unit Capacity 72
7.5 Argentina Refining Sector, Coking Capacity 72
7.6 Argentina Refining Sector, Fluid Catalytic Cracking Capacity 73
7.7 Argentina Refining Sector, Hydrocracking Capacity 73
8 Argentina Oil and Chemicals Storage Sector 74
8.1 Argentina Oil and Chemicals Storage Sector, Key Data 74
8.2 Argentina Oil and Chemicals Storage Sector, An Overview 74
8.2.1 Argentina Oil and Chemicals Storage Sector, Total Storage Capacity 74
8.3 Argentina Oil and Chemicals Storage Sector, Capacity- Wise Market Share by Company 75
8.4 Argentina Oil and Chemicals Storage Sector, Storage Capacity 77
9 Profile of Repsol YPF, S.A 78
9.1 Repsol YPF, S.A, Key Information 78
9.2 Repsol YPF, S.A, Company Overview 78
9.3 Repsol YPF, S.A, Business Description 78
9.3.1 Repsol YPF, S.A, Business Description, Business Overview 78
9.3.2 Repsol YPF, S.A, Business Description, Chemicals Segment 79
9.3.3 Repsol YPF, S.A, Business Description, Exploration and Production Segment 80
9.3.4 Repsol YPF, S.A, Business Description, Gas and Power Segment 82
9.3.5 Repsol YPF, S.A, Business Description, Refining and Marketing Segment 83
9.4 Repsol YPF, S.A, Value Chain Analysis 86
9.4.1 Repsol YPF, S.A, Value Chain Analysis, Upstream 86
9.4.2 Repsol YPF, S.A, Value Chain Analysis, Midstream 87
9.4.3 Repsol YPF, S.A, Value Chain Analysis, Downstream 88
9.4.4 Repsol YPF, S.A, Value Chain Analysis, Retail 88
9.5 Repsol YPF, S.A, SWOT Analysis 89
9.5.1 Repsol YPF, S.A, SWOT Analysis, Overview 89
9.5.2 Repsol YPF, S.A, SWOT Analysis, Strengths 90
9.5.3 Repsol YPF, S.A, SWOT Analysis, Weaknesses 91
9.5.4 Repsol YPF, S.A, SWOT Analysis, Opportunities 91
9.5.5 Repsol YPF, S.A, SWOT Analysis, Threats 93
9.6 Repsol YPF, S.A, Revenue Analysis 94
9.6.1 Repsol YPF, S.A, Revenue by Segment 94
9.6.2 Repsol YPF, S.A, Revenue by Geography 95
9.7 Repsol YPF, S.A, Financial and Operational Review 96
9.7.1 Financial Statements 96
9.7.2 Financial Ratios 97
10 Profile Of Petroleo Brasileiro S.A., 98
10.1 Petroleo Brasileiro S.A., Key Information 98
10.2 Petroleo Brasileiro S.A., Company Overview 98
10.3 Petroleo Brasileiro S.A., Business Description 98
10.3.1 Petroleo Brasileiro S.A., Business Description, Business Overview 98
10.3.2 Petroleo Brasileiro S.A., Business Description, Distribution 98
10.3.3 Petroleo Brasileiro S.A., Business Description, Exploration and Production 99
10.3.4 Petroleo Brasileiro S.A., Business Description, Gas and Energy 101
10.3.5 Petroleo Brasileiro S.A., Business Description, International 102
10.3.6 Petroleo Brasileiro S.A., Business Description, Supply 103
10.4 Petroleo Brasileiro S.A., Value Chain Analysis 105
10.4.1 Petroleo Brasileiro S.A., Value Chain Analysis, Upstream 105
10.4.2 Petroleo Brasileiro S.A., Value Chain Analysis, Midstream 107
10.4.3 Petroleo Brasileiro S.A., Value Chain Analysis, Downstream 107
10.4.4 Petroleo Brasileiro S.A., Value Chain Analysis, Retail 108
10.5 Petroleo Brasileiro S.A., SWOT Analysis 108
10.5.1 Petroleo Brasileiro S.A., SWOT Analysis, Overview 108
10.5.2 Petroleo Brasileiro S.A., SWOT Analysis, Strengths 109
10.5.3 Petroleo Brasileiro S.A., SWOT Analysis, Weaknesses 110
10.5.4 Petroleo Brasileiro S.A., SWOT Analysis, Opportunities 111
10.5.5 Petroleo Brasileiro S.A., SWOT Analysis, Threats 112
10.6 Petroleo Brasileiro S.A., Revenue Analysis 112
10.6.1 Petroleo Brasileiro S.A., Revenue by Segment 112
10.6.2 Petroleo Brasileiro S.A., Revenue by Geography 113
10.7 Petroleo Brasileiro S.A., Financial and Operational Review 114
10.7.1 Financial Statements 114
10.7.2 Financial Ratios 115
11 Profile of Total S.A. 116
11.1 Total S.A., Key Information 116
11.2 Total S.A., Company Overview 116
11.3 Total S.A., Business Description 116
11.3.1 Total S.A., Business Description, Business Overview 116
11.3.2 Total S.A., Business Description, Chemicals 117
11.3.3 Total S.A., Business Description, Downstream 118
11.3.4 Total S.A., Business Description, Upstream 119
11.3.5 Total S.A., Business Description, Major Products and Services 120
11.4 Total S.A., Value Chain Analysis 122
11.4.1 Total S.A., Value Chain Analysis, Upstream 123
11.4.2 Total S.A., Value Chain Analysis, Midstream 123
11.4.3 Total S.A., Value Chain Analysis, Downstream 124
11.4.4 Total S.A., Value Chain Analysis, Retail 125
11.5 Total S.A., SWOT Analysis 125
11.5.1 Total S.A., SWOT Analysis, Overview 125
11.5.2 Total S.A., SWOT Analysis, Strengths 126
11.5.3 Total S.A., SWOT Analysis, Weaknesses 127
11.5.4 Total S.A., SWOT Analysis, Opportunities 128
11.5.5 Total S.A., SWOT Analysis, Threats 129
11.6 Total S.A., Revenue Analysis 130
11.6.1 Total S.A., Revenue by Segment 130
11.6.2 Total S.A., Revenue by Geography 130
11.7 Total S.A., Financial and Operational Review 132
11.7.1 Financial Statements 132
11.7.2 Financial Ratios 133
12 Financial Deals Landscape 134
12.1 Detailed Deal Summary 134
12.1.1 Acquisition 134
12.1.2 Debt Offerings 136
12.1.3 Partnerships 137
12.1.4 Asset Transactions 139
13 Recent Developments 144
13.1 License Awards 144
13.1.1 Mar 30, 2009: Apache Announces Extention Of Neuquen Concessions In Argentina 144
13.1.2 Feb 10, 2009: Total Signs Agreement To Extend Aguada Pichana And San Roque Concessions In Neuquen Province 144
13.1.3 Jan 20, 2009: Argenta Receives Formal Award Of Loma El Divisadero Concession In Argentina 145
13.2 Strategy and Business Expansion 145
13.2.1 Mar 29, 2009: PetroVietnam Signs Partnership Agreement With ENARSA 145
13.2.2 Dec 10, 2008: Petrobras And YPF Sign Agreement To Undertake Joint Studies Off South Atlantic Coast 146
13.3 Recent Discoveries 146
13.3.1 Feb 24, 2009: Madalena Ventures Announces Oil Discovery At Coiron Amargo Exploration Block In Neuquen, Argentina 146
13.3.2 Oct 16, 2008: API And Partners Discover First Oil In Neuquen Basin, Argentina 147
13.3.3 Sep 17, 2008: Gran Tierra Discovers Oil At Proa.x-1 Well In Surubi Block, Argentina 148
13.3.4 Aug 05, 2008: Gran Tierra Encounters Good Oil Shows At Costayaco-5 In Colombia 149
13.4 Drilling and Production Updates 152
13.4.1 Mar 05, 2009: Madalena Ventures Updates On CAN-X2 Well On Coiron Amargo Exploration Block, Argentina 152
13.4.2 Mar 04, 2009: Petrolifera Petroleum Updates On La Pinta 1 Well In Sierra Nevada License, Colombia 154
13.4.3 Feb 13, 2009: Crown Point Spuds Calandria Mora Exploration Well In Neuquen Basin, Argentina 154
13.4.4 Feb 09, 2009: Gran Tierra Reports Year-End 2008 Reserves 154
13.4.5 Feb 05, 2009: Madalena To Conclude Operations On Argentina Exploration Well 157
13.5 Financial Announcements 158
13.5.1 May 05, 2009: Transportadora Reports Net Revenues Of ARS326.4 For Q1 2009 158
13.5.2 Mar 16, 2009: Apco Argentina Reports 2008 Results 159
13.5.3 Feb 05, 2009: Transportadora Reports 2008 Year-End Results 161
13.5.4 Nov 06, 2008: MetroGAS Reports 3Q 2008 Results 164
13.6 Other Significant Developments 167
13.6.1 May 01, 2009: Petro Andina Provides Q1 2009 Operational Update 167
13.6.2 Apr 29, 2009: Americas Petrogas Provides Operational Update 170
13.6.3 Apr 17, 2009: Petrolifera Petroleum Provides Operations Update 172
13.6.4 Feb 17, 2009: Global Financial Crisis Hits Venezuelan Gas Link Plans 173
13.6.5 Feb 02, 2009: Transportadora Appoints CEO 174
13.6.6 Jan 30, 2009: Otto Provides 2008 Operational Update 174
13.6.7 Jan 26, 2009: Petrolifera Provides Operational Update 177
13.6.8 Jan 22, 2009: Argentina's Oil Output Drops By 1.8% In 2008 180
13.6.9 Jan 20, 2009: Petro Andina Provides Operations Update 181
13.6.10 Jan 12, 2009: Gran Tierra Provides Operations Update In Colombia, Argentina, And Peru 183
13.6.11 Jan 12, 2009: Gran Tierra Restarts Crude Oil Transportation And Provides Production Update In Argentina 185
13.7 New Contracts Announcements 186
13.7.1 Apr 02, 2009: Excelerate Energy Signs Two-Year Extension On Regasification Agreement With Respol 186
14 Appendix 187
14.1 Methodology 187
14.1.1 Coverage 188
14.1.2 Secondary Research 189
14.1.3 Primary Research 189
14.1.4 E&P Forecasts 189
14.1.5 Midstream Forecasts 191
14.1.6 Expert Panel Validation 191
14.2 Contact Us 191
14.3 About GlobalData 192
14.4 Disclaimer 192
1.1 List of Tables
Table 1: Argentina, Historical and Forecasted Production and Consumption of Crude Oil, 1996-2020 15
Table 2: Argentina, Historical and Forecasted Imports of Crude Oil And Exports, 1996-2020 17
Table 3: Argentina, Historical and Forecasted Reserves of Crude Oil, 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, Oil Sector Performance, 2008 31
Table 9: South and Central America, Investment Benchmarking, Economic Performance, 2008 36
Table 10: South and Central America, Country Standings, Economic Performance, 2008 36
Table 11: South and Central America, Investment Benchmarking, Socio-Political Performance, 2008 39
Table 12: South and Central America, Country Standings, Socio-Political Performance, 2008 39
Table 13: Argentina, Crude Oil Key Statistics, 2008 41
Table 14: Argentina, Total Gross Crude Oil Production (MMBBLs), 2001-2008 42
Table 15: Argentina, Gross Crude Oil Production (MMBBLs), by Assets, 2001-2008 43
Table 16: Argentina, Gross Equity Weighted Crude Oil Production (MMBBLs), by Company, 2001-2008 48
Table 17: Argentina, Market Share (%) based on Gross Equity Weighted Crude Oil Production, 2001-2008 51
Table 18: Argentina, Gross Crude Oil Production (Thousand Barrels), Forecast by Assets, 2009-2014 52
Table 19: Argentina, Gross Crude Oil Production (Thousand Barrels), Forecast by Assets, 2009-2014 (Contd.) 53
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'$), 2009-2014 56
Table 25: Argentina, Projected Assets-wise Total Contractor Take (000'$), 2009-2014 (Contd.) 57
Table 26: Argentina, Active Oil Field Assets Details 58
Table 27: Argentina, Pipeline Key Statistics, 2008 64
Table 28: Argentina, Crude Oil Pipeline Length by Company (Km), 2008 65
Table 29: Argentina, Petroleum Product Pipeline Length by Company (Km), 2008 66
Table 30: Argentina, Crude Oil Pipelines, 2008 67
Table 31: Argentina, Petroleum Products Pipelines, 2008 68
Table 32: Argentina, Refinery Key Statistics, 2008 69
Table 33: Argentina, Total Refining Capacity (MMTPA), 2000- 2013 69
Table 34: Argentina, Refining Capacity-Wise Market Share By Company 70
Table 35: Argentina, Crude Distillation Unit Capacity (MMTPA), 2000-2013 72
Table 36: Argentina, Coking Unit Capacity (MMTPA), 2000-2013 72
Table 37: Argentina, Fluid Catalytic Cracking Unit Capacity (MMTPA), 2000-2013 73
Table 38: Argentina, Hydrocracking Unit Capacity (MMTPA), 2000-2013 73
Table 39: Argentina, Oil and Chemicals Storage Key Statistics, 2008 74
Table 40: Argentina, Total Oil and Chemicals Storage Capacity (Thousand M3), 2000- 2013 74
Table 41: Argentina, Oil and Chemicals Storage Capacity Company-wise (Thousand M3), 2000-2013 75
Table 42: Argentina, Oil and Chemicals Storage Capacity (Thousand M3), 2000-2013 77
Table 43: Repsol YPF, S.A., Key Facts 78
Table 44: Repsol YPF, S.A., SWOT Analysis 89
Table 45: Repsol YPF, S.A., Revenue by Segment, Euro Million, 2003-2007 95
Table 46: Repsol YPF, S.A., Revenue by Geography, Euro Million, 2003-2007 95
Table 47: Repsol YPF, S.A., Financial Statements, Euro Million, 2003-2007 96
Table 48: Repsol YPF, S.A., Financial Ratios, Euro Million, 2003-2007 97
Table 49: Petroleo Brasileiro S.A., Key Facts 98
Table 50: Petroleo Brasileiro S.A., SWOT Analysis 109
Table 51: Petroleo Brasileiro S.A., Revenue by Segment, USD Million, 2003-2007 113
Table 52: Petroleo Brasileiro S.A., Revenue by Geography, USD Million, 2003-2007 113
Table 53: Petroleo Brasileiro S.A., Financial Statements, USD Million, 2003-2007 114
Table 54: Petroleo Brasileiro S.A., Financial Ratios, USD Million, 2003-2007 115
Table 55: TOTAL S.A., Key Facts 116
Table 56: TOTAL S.A., SWOT Analysis 126
Table 57: TOTAL S.A., Revenue by Segment, Euro Million, 2003-2007 130
Table 58: TOTAL S.A., Revenue by Geography, Euro Million, 2003-2007 131
Table 59: TOTAL S.A., Financial Statements, Euro Million, 2003-2007 132
Table 60: TOTAL S.A., Financial Ratios, Euro Million, 2003-2007 133
Table 61: Franklin To Sell 51% Stake In Franklin Oil & Gas Bolivia And Franklin Oil & Gas, Argentina 134
Table 62: YPF Sells Its 14.9% Stake For $2,235 Million 135
Table 63: Transportadora de Gas del Sur Completes Public Offering Of $500 Million 136
Table 64: Petro Andina Forms Joint Venture With Pampetrol 137
Table 65: Madalena, Hidenesa And Estrella Enter Into A Joint Venture Agreement 138
Table 66: New Times Group Receives Approval To Acquire 60% Interest In Argentina Oilfield 139
Table 67: Franklin Mining Completes Sale Of Energy Assets 140
Table 68: Otto Energy Enters Into A Farmin Agreement With Oromin Explorations 141
Table 69: Pluris Energy To Acquire Cerro Negro Concession From Clear 142
Table 70: Surge Global Energy Sells Its 17.52% Interest In The Santa Rosa Property To Oromin Explorations 143
1.2 List of Figures
Figure 1: Argentina, Energy Sector Break-Up, 2008 13
Figure 2: Argentina, Crude Oil Production And Consumption, Thousand Barrels Per Day, (1996-2020) 16
Figure 3: Argentina, Crude Oil Imports And Exports, Thousand Barrels Per Day, 1996-2020 18
Figure 4: Argentina, Crude Oil Reserves, Million Barrels, 1996-2008 19
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, Oil Sector Performance, by Reserves-Exploration & Production, 2008 32
Figure 8: South and Central America, Country Standings, Oil Sector Performance, by Production-Consumption & Refining, 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 37
Figure 11: South and Central America, Country Standings, Socio-Political Performance, 2008 40
Figure 12: Argentina, Crude Oil Assets Map, 2008 41
Figure 13: Argentina, Total Gross Crude Oil Production (MMBBLs), 2001-2008 42
Figure 14: Argentina, Gross Equity Weighted Crude Oil Production (MMBBLs),by Company, 2001-2008 50
Figure 15: Argentina, Market Share (%) based on Gross Equity Weighted Crude Oil Production, 2008 51
Figure 16: Argentina, Crude Oil Pipeline Length By Company (Km), 2008 65
Figure 17: Argentina, Petroleum Product Pipeline Length By Company (Km), 2008 66
Figure 18: Argentina, Total Refining Capacity (MMTPA), 2000- 2013 70
Figure 19: Argentina, Refining Capacity-Wise Market Share By Company, 2008 71
Figure 20: Argentina, Refining Capacity-Wise Market Share By Company, 2013 71
Figure 21: Argentina, Total Oil and Chemicals Storage Capacity (Thousand M3), 2000- 2013 75
Figure 22: Argentina, Oil and Chemicals Storage Capacity Company-wise (Thousand M3), 2000-2013 76
Figure 23: Repsol YPF, S.A., Value Chain Analysis 86
Figure 24: Petroleo Brasileiro S.A., Value Chain Analysis 105
Figure 25: TOTAL S.A., Value Chain Analysis 122
Figure 26: GlobalData Methodology 188
