The agreement marks the beginning of the transfer of 10 conventional areas that the oil company operates in the province
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The governor of Santa Cruz, Claudio Vidal, and the president of YPF, Horacio Marín, signed a Memorandum of Understanding (MOU) that marks the beginning of the transfer of 10 conventional areas that the oil company operates in the province.
The agreement also establishes a commitment to remediate the environmental liabilities accumulated over the years.
Strategic transfer with local impact
Through the memorandum, the parties —Santa Cruz, Formicruz (provincial state energy company), and YPF— commit to negotiating a definitive agreement that includes the transfer of exploitation concessions to Formicruz, an environmental remediation program, and the formalization of the corresponding well abandonments.
"The province will be able to advance in the development of a new ecosystem of SMEs that will continue to enhance conventional activity," expressed Horacio Marín, head of YPF, and emphasized that the company will focus its efforts on the 4x4 strategy, its new expansion axis.
Vidal y Marín firmaron acuerdo por el traspaso de áreas convencionales de YPF
The blocks involved in the agreement are: Cerro Piedra-Cerro Guadal Norte, Barranca Yankowsky, Los Monos, El Guadal-Lomas del Cuy, Cañadón Vasco, Cañadón Yatel, Pico Truncado-El Cordón, Los Perales–Las Mesetas, Cañadón León-Meseta Espinosa, Cañadón de la Escondida-Las Heras, and the related transportation concessions.
Million-dollar compensation and environmental liabilities
The Santa Cruz government announced that it will receive USD 335 million for compensation and economic reparation. Additionally, YPF will take responsibility for the environmental liabilities caused during its operation.
"In an unprecedented event in the country, the operator YPF withdraws but takes responsibility for the environmental liabilities it has caused over the years," remarked Claudio Vidal.
The agreed plan contemplates that YPF will conduct preliminary technical studies and begin hiring service companies to carry out environmental remediation tasks. In the coming days, the work schedule will be defined, which must be approved by YPF's Board of Directors for formal implementation.
Vidal y Marín firmaron acuerdo por el traspaso de áreas convencionales de YPF
New boost to provincial energy development
From the province, they highlighted that the agreement will enhance the participation of local companies and consolidate greater energy sovereignty. Governor Vidal valued the understanding as an important step to rectify the inherited situation in the conventional fields.
"This principle of agreement opens up the possibility for us to close various issues within what YPF's health means," he stated.
The event took place at the House of the Province of Santa Cruz in Buenos Aires, with the presence of provincial authorities and executives of the state oil company.
