LatinNews Daily Report - 20 February 2014

Argentina: On 12 February the US-based Apache Corporation issued a press release announcing the sale of its operations in Argentina to the state oil company Yacimientos Petrolíferos Fiscales (YPF) for a cash payment of US$800m plus the assumption of US$52m of bank debt as of 30 June 2013. According to the press release: “YPF paid a $50 million deposit on the transaction, which is expected to be completed in the next 30 days”. According to a YPF press release, the deal will increase YPF’s hydrocarbons reserves by 14% and its production by 15%, making it the largest natural gas producer in Argentina.

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