AÑELO (Argentina), Feb 19 — Just weeks into his young administration, Argentina’s new president convened a meeting with executives from Chevron Corp, Royal Dutch Shell PLC and other oil companies in a bid to smooth things over with an industry which he had slammed as a candidate months before....
Wednesday, 19 Feb 2020 06:44 PM MYT
In a fence-mending session Jan. 16, Fernandez apologised to energy executives for the mixed signals, according to an industry source with direct knowledge of the meeting. Fernandez said he was intent on devising a recovery plan for the Vaca Muerta shale play in the Patagonian province of Neuquen, according to the source.
But more than a dozen interviews with energy executives, property developers, analysts and locals here in Añelo, considered the capital of Vaca Muerta, show how patience is running out for global energy giants including Halliburton Co and Schlumberger NV once committed to tapping the region’s reserves, as well as the thousands of Argentines trying to scratch out a living in a region that was bustling just 12 months ago.
He pledged in the meeting to present a plan to do so in February, although there is no sign of it so far. Several key barometers of oil industry health have deteriorated in the region and work has gone with them in the last seven months, according to industry data and union officials. The lull has hit international oil majors including Halliburton, which said in January that declining activity in Argentina had hurt its revenues. Rival Schlumberger is selling off parts of its local business amid what it has called “muted” activity and a difficult investment climate.The impact from the industry’s Argentina crisis, which experts say stemmed from a lack of clarity on the rules of play as well as worries about the Peronist victory, is apparent on the ground in Añelo.
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