"Estamos llevando petróleo argentino al mundo".
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NewsTranscript
00:00Very well, Horacio, how are you? How are you?
00:02How are you, Eduardo?
00:03How are you?
00:04Very well, very well.
00:05Is it true that you read out there that there is a new dead cow?
00:08In addition to this one?
00:10No, not yet.
00:11The new cow has not yet been discovered.
00:12Ah, it has not yet been discovered.
00:14We made a well last year,
00:17where very good flow came, very good pressure.
00:20Pressure means that it can give a lot of volume,
00:24so it can be very profitable.
00:26But it gave 85% of water and 15% of oil,
00:31and we will have to make another well.
00:33That is Palermo Ayque, which is in Santa Cruz.
00:36OK.
00:37The dead cow is called La Piedra, right?
00:39Of course.
00:40La Piedra.
00:41La Roca.
00:42La Roca.
00:43And from where to where does it go?
00:44Because maybe people...
00:45Wow, almost everything is...
00:46Well, that's why.
00:47Maybe people think that, well, it's a little piece,
00:49there in Neuquén, where the machines are.
00:51From where to where does it go?
00:52Let's tell it more.
00:53The dead cow is 165 million years old.
00:56Not necessarily what I'm going to say,
00:58it's totally correct, but for people to locate themselves,
01:00it's easy.
01:01It was like the Pacific Ocean.
01:03Really?
01:04Of course.
01:05And then, when the Andes mountain ranges go up,
01:07it was sea.
01:08When the Andes mountain ranges are generated,
01:10it is on the Argentine side.
01:12Agree?
01:14What is a dead cow?
01:16It is a marine area,
01:18a marine that lived for many years,
01:21that has a lot of organic matter,
01:23that the organic matter ends up...
01:25Did you see that with biodiesel, fuel is made?
01:27Well, God, with organic matter,
01:29in 165 million years,
01:31does the same,
01:33makes oil and gas.
01:35That's a dead cow.
01:36And it's called Mother Rock,
01:38because...
01:39by mother of oil.
01:41In the rock,
01:42in that rock,
01:43oil is generated.
01:45And from there,
01:46in millions of years,
01:47it goes up,
01:48which is what Neuquén produced for so many years.
01:51But it has oil.
01:53And what we are going to do,
01:55is to get it out,
01:56before it comes out in millions of years.
01:58Ok.
01:59And that rock,
02:00from where to where does it go?
02:02And it's all Neuquén,
02:03practically all of Neuquén.
02:05It's almost 30,000 square kilometers.
02:08All of Neuquén,
02:09and the southern part,
02:10very little of the southern part of Mendoza.
02:13So...
02:14And it has,
02:15as it goes,
02:17as the mountain range is in the west,
02:20then the dead cow,
02:21if it was flat,
02:22goes up to the west.
02:24So,
02:25if you have gas and oil,
02:27the gas goes up,
02:28the oil goes down.
02:30Therefore,
02:31when you go further east,
02:33it's oil,
02:34and as you go further east,
02:36it's gas.
02:37Exactly.
02:38It's gas.
02:39They have to get it out in a very special way, right?
02:41Sure.
02:42Not like this,
02:43but like this.
02:44Sure.
02:45So,
02:4630 straight squares,
02:47and then 30 horizontal squares.
02:49That's what we do,
02:50Real Time Intelligence Center.
02:51And we are very happy,
02:53because today we have the record in Argentina
02:56of how many meters are drilled horizontally in one day.
03:01Today we drilled 1,747 meters,
03:04which is a lot.
03:06It means that we could make the horizontal wells
03:09in two days.
03:10If we achieve that,
03:11we will lower the costs a lot,
03:13which is a result of that Real Time Intelligence Center.
03:16Neuquén literally doesn't do anything in oil and gas.
03:19Yes,
03:20because in general,
03:22in the conventional,
03:23as you look for oil,
03:24you look for some rivers,
03:26some things,
03:27then there are two square kilometers,
03:29sometimes bigger,
03:30but here is everything.
03:31Everything.
03:32What you will not find is a dry well.
03:34The risk of productivity,
03:36but not that there is none.
03:38How incredible,
03:39how incredible.
03:40Tell me about the contracts
03:42that you signed about the GNL.
03:45Well,
03:46in the GNL,
03:48we went to Europe and Asia.
03:52And I have to say that
03:54President Millet makes it quite easy for me.
03:57Why?
03:58Because he is a world leader.
03:59You go to the countries,
04:01you shake hands,
04:02IPF,
04:03and they start talking to you,
04:04President Millet.
04:05The CIOs,
04:07the very relevant people,
04:08also receive me,
04:11people from high-ranking governments,
04:15not presidents,
04:16of course.
04:19We are talking about which countries?
04:21India, China?
04:22Europe,
04:23we are talking about Japan,
04:26Korea,
04:27India,
04:29Germany,
04:31Turkey,
04:33Hungary,
04:35London,
04:36where we went.
04:38And when you open up and see that Argentina
04:42is seen as another nation that is growing
04:46and that is going to be an economically free country
04:49where you will be able to invest,
04:51you will be able to invest freely.
04:53The rigging was the key,
04:54which was what you said from the first moment.
04:56Totally,
04:57without rigging there is no GNL,
04:58that's what I said.
04:59Well,
05:00it opens up and then we sign agreements.
05:02We have 19 signed contracts.
05:05We are very advanced with Germany,
05:08with three German companies.
05:10And with India,
05:12we signed,
05:13the process of India is to open up the market,
05:15it's different from everything,
05:16to open up the market,
05:17to sign an MOU,
05:18which is a memorandum of understanding,
05:19basically.
05:20The famous MOU.
05:22And we signed with three Indian companies
05:25and we already started to see the negotiation
05:28of buying LNG.
05:30If it comes out,
05:31let's see,
05:32I'm not saying that
05:34I want to clarify what we have signed.
05:37It says up to 10 million tons.
05:40That means that for Argentina,
05:42if we were to sign that contract,
05:44for 10 million tons,
05:4620 years,
05:47it would be an export contract
05:49of 100 billion dollars.
05:51If we sign that contract.
05:53How many fields are there?
05:55The field production?
05:56At least three?
05:57No,
05:58it would be 40 million cubic meters.
06:00It would be
06:0133% of Argentina's current production.
06:04It's a lot.
06:05It's a giant investment.
06:06Okay.
06:07Okay.
06:08And what is that?
06:09China?
06:10No,
06:11that's with India.
06:12Ah, that's with India.
06:13With India.
06:14So,
06:15numbers that we have opened up,
06:16it doesn't mean that the contracts are there.
06:18First,
06:19open up the market,
06:20then you have to agree
06:21the commercial agreements,
06:22and then the contracts are made.
06:24The contracts,
06:25by subject,
06:26lawyers come in,
06:27you know lawyers,
06:28right?
06:29Yes, yes.
06:30Yes, yes.
06:31You put a comma,
06:32a period,
06:33a sentence.
06:34So,
06:35that takes many months.
06:36But,
06:37when you have the price,
06:38volume,
06:39times,
06:40then the other is a contractual issue.
06:42Yes.
06:43We open up a lot.
06:45For example,
06:4610 million possible.
06:48I'm talking about possible values,
06:49it doesn't mean that they are the contracts
06:51that we are going to get.
06:52In Japan,
06:53around 7 or 8 million tons,
06:56that scale,
06:5710 million,
06:58100 million,
06:59right?
07:00In Korea,
07:012 million tons.
07:03In China,
07:04it can be 7 or 8 million tons.
07:06In India,
07:07100 million tons.
07:09In Italy,
07:104 or 5 million tons.
07:12I forgot to say Italy too.
07:14In Germany,
07:16we are at 4 million tons.
07:18In Hungary,
07:192 million tons.
07:21In Turkey,
07:222 million tons.
07:23I'm getting bored with the numbers.
07:25No, no, no.
07:26But,
07:28and then,
07:29this is what I like the most,
07:31the truth is that I'm very happy because
07:33what Argentina called G2,
07:35which is with Shell,
07:36the buyers,
07:37I can't name them,
07:38but they are the 3 biggest supermachines in the world.
07:41With Shell,
07:42in the whole chain,
07:44and it's going to be a project,
07:46what is called in the industry,
07:48of unique character.
07:50It's going to be an extraordinary project
07:52because they are the 3 biggest.
07:54So,
07:55the President of the Republic of Argentina
07:57is working today
07:58and trying to make a team with
08:00the world leaders.
08:02Yes, yes, yes.
08:03Because Bacamuerta is the world leader
08:05and Argentina looks like a world leader.
08:07With the great players.
08:08And Argentina also looks like a world leader.
08:10Because if you don't have a country
08:12that looks like it's flourishing,
08:14that has logical contracts,
08:16even if it travels,
08:17it's going to be difficult.
08:18With populism,
08:19these contracts would never have been made.
08:20No, I don't think so.
08:21With Cristina,
08:22they would never have been made.
08:23I don't think so.
08:24Yes, Willy.
08:25Yes, Marín.
08:26I wanted to ask you about a recent failure
08:28of the Supreme Court,
08:29just hours ago,
08:31related to Regalías, Neuquén,
08:34and it was against YPF, precisely.
08:36I wanted to know the impact that the company has
08:38because there was a lot of concern,
08:40or some concern in the financial market
08:42for the impact of that failure on YPF.
08:44Ok, I'll tell you.
08:46That was between 2014 and
08:522020.
08:5522, so 8 years.
08:57YPF, of course,
08:59we weren't there.
09:01YPF generated gas,
09:04sorry,
09:05generated electricity with gas in Neuquén.
09:08The law says that if you generate energy
09:12and consume it to get oil and gas,
09:15it's not paid in Regalías.
09:16But what YPF did was,
09:18SPARTE took,
09:20and it's logical,
09:23the other one put it in the Argentine Interconnected System
09:26and downloaded it in Chubut
09:28and used it for the energy of other plants.
09:31That generated a problem
09:34that they didn't pay in Regalías
09:36and I think the failure of the court,
09:38I'm telling you,
09:39is absolutely correct.
09:41It's so correct that YPF,
09:43some time ago,
09:45had already paid the controversy of 8 million dollars.
09:50So it's already paid.
09:52It's not that we have to pay.
09:54And what we lack are the costs,
09:56which I owe you because I don't have it yet,
09:59but it's less.
10:01So it's not what came out in some newspapers,
10:05which is something multimillionaire.
10:07And besides, it's already paid.
10:09So for the financial markets,
10:10don't worry,
10:12it was something that is logical
10:14and the failure of the Supreme Court of Justice is very good.
10:16For the consumer,
10:18do fuels increase, does oil increase, yes or no?
10:22We, as I told you,
10:24when I came here,
10:25when it goes up, it goes up,
10:26when it goes down, it goes down.
10:27We have made a process,
10:28which I cannot comment on,
10:29because otherwise...
10:30But that's something new, isn't it?
10:32Because it always went up
10:34and when it went down, it also went up.
10:36But we have made a mathematical process
10:39because YPF is a very important company
10:42that can do it,
10:44where it does not lose.
10:47We are trying not to generate peaks of increases
10:51and peaks of decreases,
10:53because I think we are not used to that.
10:57I think it will not be taken well
10:59by the users of YPF,
11:01the consumers.
11:03So we are doing a procedure
11:06where we average many months
11:09and based on that we make the decision.
11:12If there are increases,
11:14they will not be important increases,
11:19so that people stay calm.
11:21They are not important increases.
11:23Horacio, thank you for coming.
11:24No, thank you very much.
11:25Horacio Marina, President of YPF.