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Nación restricts the payment of the new gas pipeline plan and will not add further developments



The ability of oil companies to put millions against the state, the braking of the activity of the second coin generator, which is Vaca Muerta, and even the fall in gas production that has been achieved in recent months, were variable that the national government had to define a change to the new gas pipeline plan established by Resolution 46/17 given the fact that the budget available is not enough to keep it as planned.

And yesterday it was Energy Minister Gustavo Lopetegui, who told the chief executives of most oil companies that he had decided to avoid lawsuits because there would be no reform of a plan that would allow to incorporate new developments or increase production.

The plan was offshore in the middle of last year at the exchange rate. It is true that while the dollar launcher has liquidated available funds at a loss of -28,700 million this year, the rising trend of the price of the warhead has to be ruled out in order to prevent home users from facing a rate that is almost impossible to pay.

This led to a budget of about $ 700 million because the new gas plan has declined because to ensure that the $ 7 million per million BTU set for this year is enough to cover the daily production of 18 million cubic meters

Lopetegui planned a reform in which he reduced the amount to be paid for every million BTUs, expanding production that would have access to the plan. This even made it possible to exceed 7 or 8 out of 11 Neuquén average approval projects.

The scheme also assumed that 30% of the subsidy will not be liquidated, but will be credited as soon as the plan is completed in 2022. These changes have made it possible to increase production for which the subsidy can reach approximately EUR 30 million. cubic meters per day.

The reform was approved by Tecpetrol, a petroleum company that captured 65% of the subsidy in Fortin de Piedra by sustaining production from 0 to 17 million cubic meters per year for guaranteeing a reduced subsidy but for its entire production . Neuquén's government, which capitalizes Vaca Muerta, was also pleased that the change would allow new developments to be added, albeit only in the winter months.

However, this reform did not coincide with other economic operators, since, if used, it allowed them to take legal action against the State for amounts that they would not receive.

Scissors finally pass through production because Lopetegui has confirmed that only the production curve submitted by the oil companies will be paid at the time of the application for entry into the plan.

The implications of this decision will be seen in the coming months, when it will be defined whether the development expected to enter this plan will start or will not produce gas, but Tecpetrol is losing the most because it assumed in its initial statement that it would reach 8.5 million cubic meters , half of what it produces today.

This could cause the signature to increase the foot of the accelerator and reduce its production in the short run, but it may also lead to a lawsuit against the state. This was expected yesterday by announcing that they "explicitly reserve their rights and analyze the steps to be followed". Because they explained that "a change in payment criteria will reach the settlement from April to October 2018. This means until September a lower payment of 1 994 million pesos and 5 655 million for the whole of 2018.

But what is happening in Vaca Muert is not just in Vaca Muerta, as, like the increase in shale gas production, he has allowed the government to celebrate with a big fan the departure of the vessel to regain Bahía Blanca, a fall that records the production of tight and conventional gas – government before it is necessary to return the ship or go out to buy diesel fuel to cover the peak demand in the winter.

In numbers

7 blocks

who would expect to join the plan from February 2018, will not be able to do so. Five others have already been rejected.

18 million

cubic meters per day is the maximum production that the subsidy can cover.

$ 7

is the price that will be guaranteed this year. This is another 3 dollars per million BTU because the average price is less than 4.

The first massive development was omitted

The Nation's definition of not adding additional blocks to the subsidy led not only to a plan limited to 8 projects, but also omitted the first massive development of the slate gas of Vaca Muerta, El Orejano de YPF, where the subsidy was used for incremental production.

A list of 7 blocks that were announced yesterday not to receive contributions is complemented by Aguada la Arena and Rincón del Mangrullo (YPF), El Mangrullo and Sierra Chata (Pampa Energia), La Calera (Pluspetrol) and Los Toldos 1 Sur (ExxonMobil).

In this way, the state oil company will find that none of the Vaca Muerta blocks will be added, since only the EFO has been counted towards Río Negro.

Governor Neuquén, Omar Gutiérrez, said a few days ago that these pending projects include not just $ 3,000 million but also a generation of 2,000 jobs.


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