Santa Cruz ratified the withdrawal of concessions to YPF

Argentina, April 11, 2012

Santa Cruz Governor Daniel Peralta, announced today that some areas operated by YPF, including Los Perales (highest production in the province), will suffer the reversal of the concessions that the province made to the company due to the lack of investment. 

The withdrawal of the concession areas Las Mesetas, Cañadón Vasco and Pico Truncado-El Cordón and Los Perales was announced, despite the offer presented by the oil company to invest U.S. $ 4379 million for the period 2012-2017 in eleven areas, including the ones named above.

In his speech, Peralta said “we want to say that times have changed and this change in the Patagonian times need greater commitment of companies, we don’t need the painting of schools or houses, that’s responsibility of the state” and he added “we need to create works, expanding the horizon production, contributing to the harmonious development of our communities and producing the necessary resources to sustain macroeconomic variables, that has to be done with the effort of everyone, but especially those who have earned more this years.”

The official of the nacional government said that the reversal of the areas was made in a legal framework. “It is not against anyone, is a resolution, it is understood that the producing provinces, the national government and especially the workers support such a decision,” he concluded.