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84-468: El Hoyo is a village and municipality in Chubut Province in southern Argentina . This article about a place in Chubut Province , Argentina is a stub . You can help Misplaced Pages by expanding it . 42°03′48″S 71°31′13″W  /  42.06333°S 71.52028°W  / -42.06333; -71.52028 Chubut Province The largest city is Comodoro Rivadavia in the south of

168-532: A 1930 military coup against Yrigoyen backed by, among others, foreign oil interests. YPF was privatized under president Carlos Menem and was bought by the Spanish firm Repsol in 1999; the resulting merged company was called Repsol YPF. The renationalization of 51% of the firm was initiated in 2012 by President Cristina Fernández de Kirchner . The government of Argentina eventually agreed to pay $ 5 billion compensation to Repsol. According to Bloomberg ,

252-463: A state enterprise outside of the Soviet Union, and the first state oil company to become vertically integrated . YPF's first director was Enrique Mosconi , who took up his charge in 1922, remaining there until 1930. During his run on the company, Mosconi advocated economic independence and starting in 1928, nationalization of oil supplies ; the latter, however, was never achieved due to

336-458: A 2.2% in gas, and a further 8.7% and 12.5% in oil and gas, respectively, during 2014. YPF announced the discovery in November 2011 of an 8071 km unconventional oil field, Vaca Muerta , with recoverable reserves of 22.8 billion barrels of oil equivalent, and potential to extend to an area of up to 30,000 km (11,600 mi ). Its reserves of crude and natural gas, not including

420-789: A day to Buenos Aires, and to many locations in the Santa Cruz Province . Short range buses to towns in Chubut run at least once a day. There are also daily summer buses on the route #25. The Trelew airport ( IATA REL ) serves regular flights to/from Buenos Aires and El Calafate . Airports are also maintained at Comodoro Rivadavia ( General Enrique Mosconi International Airport ), Rawson and Esquel. Major highways include: Four other roads travel west to Chile's Aysén region, including Balmaceda and Coihaique Alto, and two to Chile's Los Lagos region from Corcovado to Palena and from Esquel via Trevelin to Futaleufu. The provincial government

504-523: A fourth of Argentina's oil consumption that year. Contracts signed in 1923 with Bethlehem Steel allowed YPF to begin the production of gasoline and kerosene . Mosconi, who had previously been in charge of the Aeronautics division of the Army , proposed to Joaquín Corvalán, governor of Salta Province, the exploitation of Salta's oil by YPF, offering 13% royalties for the province. Corvalán, allied with

588-499: A helicopter crash of the firm's director, Raúl Ondarts, and the appointment of General Guillermo Suárez Mason in 1981 was followed by a period of severe mismanagement, moreover. Powerful as head of the First Army Corps (which committed many of the " Dirty War " atrocities), Suárez Mason installed many of his hard-line Army Intelligence colleagues in managerial posts at YPF. They in turn diverted large quantities of fuel into

672-460: A lot across the province and the contrast is not that large. In the coastal areas, the mean relative humidity is about 70% while in the rest of the province, it is around 50%–60%. The exception is in the higher altitude areas in the Andes in the colder regions where humidity levels are considerably higher. During the summer months, humidity levels are relatively low. Because the Andes block most of

756-633: A national central office. The provincial government runs a TV network that covers the province. In Trelew, Comodoro Rivadavia, Esquel, Puerto Madryn and in some small towns there are other local TV stations producing local programming to supplement the programming received from the Buenos Aires networks. Tourism is also a growing industry. The main attractions are Peninsula Valdés and other marine wildlife reservoirs such as Punta Tombo and Punta Ninfas , with right whales , eared seals , elephant seals , penguins , orcas and many other animals. At

840-686: A policy centerpiece. YPF was granted an exemption from steep oil import tariffs levied on private firms, and Article 40 of the Constitution of 1949 stipulated the nationalization of all energy and mineral resources. The deteriorating oil deficit led Perón to court foreign investment in the sector as early as 1947, however, when an oil drilling contract was signed by YPF with U.S. firm Drilexco. Total exploration doubled, and significant reserves in Salta Province were developed. A more controversial joint venture with Standard Oil of California

924-459: A record 190 million in 1998; of the latter total, 32 million were produced by Maxus operations in Ecuador and elsewhere. Madrid -based multinational corporation Repsol S.A. purchased 98% of YPF in 1999 in two stages: a 15% share sold by the national government for US$ 2 billion, and a further 83% for over US$ 13 billion including all remaining public sector shares (10%, equally divided between

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1008-573: A royalty bonanza, which financed record investments. These in turn led a doubling of YPF production to 65 million barrels; including the private sector, Argentina's oil production thus nearly tripled to 98 million barrels by 1962, and despite higher consumption, imports fell to merely one sixth of total demand. These contracts created a controversy referred to by Frondizi himself as the " oil battle ," and were ultimately cancelled by President Arturo Illia in 1963 over concerns that YPF would be deprived of adequate returns for its exploration investments; of

1092-411: A sharp rise in foreign debt to maintain. YPF debts thus rose 142-fold during Suárez Mason's tenure, at the end of which in 1983 the company recorded a US$ 6 billion loss (the largest in the world at the time). YPF nonetheless remained the 365th largest firm in the world, with sales of over US$ 4 billion in 1992. Argentine President Carlos Menem initiated the privatization of YPF through an IPO on

1176-425: A wave of layoffs that returned employment levels to around 35,000 by 1979. The military government was openly hostile to YPF's paramount position in the oil industry, however. The company lost money every year after 1975 and by 1981 was US$ 4.1 billion in debt. YPF losses resulted, at least in large part, from policy decisions beyond its control. Government policy after 1976 kept oil prices well below inflation, with

1260-466: A west to east direction are moderated as they pass over the Pacific Ocean. As such, cold temperatures are not as extreme as they are in the northern hemisphere. Similar to the rest of Patagonia the climate is characterized by strong winds throughout the year, which also leads to higher evapotranspiration , another factor in the province being mostly dry. The western parts of the province are

1344-702: Is Infochubut.com, a recent publication that works with audio, video, text and photographs for its news and offers forums for public participation. Some radio stations in northwest Chubut began to publish online some of the interviews made in their radio studies. The most populous cities are served by AM radio stations, such as Chubut Radio and Three Radio in Trelew, Golfo Nuevo's Radio in Puerto Madryn, National Radio in Comodoro, Rivadavia and Esquel. There are also several FM radio stations which broadcast programs from

1428-433: Is a vertically integrated , majority state-owned Argentine energy company , engaged in oil and gas exploration and production, and the transportation, refining, and marketing of gas and petroleum products. In the 2020 Forbes Global 2000 , YPF was ranked as the 1360th -largest public company in the world. Founded in 1922 under President Hipólito Yrigoyen 's administration, YPF was the first oil company established as

1512-489: Is a transition between the more temperate climates to the north and the colder climates in the south. Summers tend to be much warmer than Santa Cruz province to the south, particularly in the summer since subtropical air from the north and a branch of the warm Brazil Current can reach the province up until 46°. Because there is little land masses in the Southern hemisphere, most of the cold fronts , which usually move in

1596-461: Is an additional factor that makes most of the province dry since it favors evaporation of moisture. Most of the wind comes from either the west, southwest or northwest but in coastal areas during the summer months, a sea breeze can form when westerly winds are weak, forming easterly winds that can penetrate up to 10 kilometres (6.2 mi) from the coast. The mean wind speed is 6 metres per second (20 ft/s) with higher wind speeds being recorded in

1680-596: Is based in Comodoro Rivadavia with campuses at Esquel, Trelew and Puerto Madryn, as well as in Ushuaia , Tierra del Fuego . The Estación de Fotobiología Playa Unión is based in the town of Playa Unión. 43°18′S 65°06′W  /  43.300°S 65.100°W  / -43.300; -65.100 YPF YPF S.A. ( Spanish pronunciation: ['i 'pe 'efe] , formerly Yacimientos Petrolíferos Fiscales ; English: "Fiscal Oilfields")

1764-547: Is divided into the usual three branches: the executive, headed by a popularly elected governor, who appoint the cabinet; the legislative; and the judiciary, headed by the Supreme Court and completed by several inferior tribunals. The Constitution of Chubut Province forms the formal law of the province. In Argentina, the most important law enforcement organization is the Argentine Federal Police but

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1848-473: Is found in the area between the Andean region to the west and the dry steppes to the east. Although precipitation can widely vary among the province, in all locations, precipitation is higher during the winter months. Thunderstorms are rare and occur exclusively during the summer. One defining characteristic of the climate in Chubut province is the strong wind that is observed throughout the province. The wind

1932-467: Is generated by mining and petroleum. This sector's contribution (mostly centered around Comodoro Rivadavia ) helped give Chubut the nation's fourth-highest per capita output in 2011, US$ 25,250. Petroleum refining is the main economic activity of the province; it generates 13% of Argentine oil production (mostly off-shore). On May 21, 2014, Miguel Galuccio of YPF and Chubut Governor Martin Buzzi announced

2016-530: The Comodoro Rivadavia Military Zone . The zone was dissolved in 1955, and Chubut was declared a province. Studies in the 1950s revealed mineral wealth in the province, which the government has tried to develop. Population shifts of the late 20th century, especially from Buenos Aires , raised the population steadily from 190,000 (1970), to 357,000 (1991) and 413,237 (2001). The government has encouraged people to resettle here. Most of

2100-651: The Patagonia region for thousands of years. They lived as hunter-gatherers and covered territory in seasonal cycles as they followed game. In the 17th and 18th centuries, Spanish missionaries came to the area, and founded the San José Fort on Península Valdés . The indigenous people later destroyed it. In 1865, Welsh people came to Chubut on the Mimosa and settled in the Chubut Valley . The region

2184-595: The Standard Oil of New Jersey , rejected Mosconi's proposal, however, referring to the concept of "provincial autonomy". This refusal led Mosconi to evolve in favor of the nationalization of oil supplies in order to strengthen Argentina's independence. The first YPF oil refinery was inaugurated in December 1925 in La Plata , and was at the time the tenth largest in the world. According to Mosconi, this spawned

2268-427: The developmentalist economic policy advanced by Frondizi, this policy was made with the caveat that oil and gas resources themselves would be renationalized. Thirteen contracts were signed with mainly U.S. firms, whereby each contractor would earn 40% of the revenues produced from the new wells. Private production, which had virtually ceased, grew to become one third of the nation's total. YPF itself benefited by way of

2352-564: The 51% of YPF nationalized. YPF also acquired a controlling stake in Metrogas (the nation's largest gas distributor) in November 2012. A joint exploratory venture for the development of tight oil and shale gas at the Vaca Muerta field was signed with Chevron Corporation on 16 July 2013. Following its renationalization, rapidly rising investment levels at YPF have been funded mostly via internal financing , by Chevron, and by

2436-595: The Chilean border. The Andes are not that high in Chubut, with most peaks averaging around 1,500 and 2,000 metres (4,900 and 6,600 ft), which becomes smaller in altitude in the southern parts. The highest peak is Cerro Dos Picos , located east of Lago Cholila with a height of 2,515 metres (8,251 ft). The Andes in this province are of tertiary origin and are separated by wide, deep transverse valleys that are oriented in an east–west direction. These valleys are occupied by glacial lakes and rivers flowing east from

2520-570: The New York and other stock exchanges on 28 June 1993, at a value of US$ 3 billion for stock equal to a 45% share in the company. During the 18 months prior to the IPO, YPF underwent a massive restructuring process led by its new CEO José Estenssoro, who had been appointed by President Menem. The staff of YPF was reduced from 52,000 to 10,600 through layoffs agreed with unions and outsourcing of services to companies established by former YPF employees during

2604-577: The Petersen Group, had financed their initial purchase of 15% of the stock with a vendor's loan from Repsol for €1.5 billion. The 2008 agreement required Repsol to buy back shares owned by the Group and to assume the loan should the Madrid-based firm lose majority control of YPF. Sebastián Eskenazi indicated however that the group would forgo this option. The Senate of Argentina approved

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2688-788: The Punta Tombo site there is one of the largest breeding areas for the Magellanic penguin . Further south, on the sparsely populated beaches of the Golfo San Jorge , is the only place in the world where the peculiar, flightless Chubut steamer duck can be observed. In the Andean region, the Los Alerces National Park , impressive lakes and hikes near Esquel are also visited every year by many tourists. The ' Old Patagonian Express ' (also known as La Trochita ),

2772-650: The United States in 1923, and built not only several extracting facilities, but whole towns and cities, such as Comodoro Rivadavia; Caleta Olivia in Santa Cruz ; Plaza Huincul in Neuquén ; and General Mosconi in Salta . Bolstered by production in Comodoro Rivadavia, the firm produced 2.2 million barrels in its first year of operation (1922); this represented over three-quarters of domestic production and nearly

2856-685: The additional work is carried out by the Chubut Provincial Police . The province is divided into 15 departments (Spanish: departamentos ), listed below with their Number (on map), area and populations at the Censuses of November 2000 and October 2010: Chubut is covered by the Roman Catholic Diocese of Comodoro Rivadavia . The cathedral, dedicated to San Juan Bosco is in Comodoro Rivadavia. The university, Universidad Nacional de la Patagonia San Juan Bosco ,

2940-603: The beginning of "the mobilization of all sort of resistance and obstacles" from the oil trusts , in particular from Standard Oil, which was one of the most influential foreign companies in Argentina, with a presence in Comodoro Rivadavia, Jujuy , and Salta . The Chamber of Deputies approved a law on 28 September 1928, establishing a state monopoly on oil. The monopoly, however, was not absolute, being limited to oil exploration , exploitation and transport, but excluding selling and imports. Private firms opposed themselves to

3024-458: The board of directors include Matteo Reggio and Miguel Gutiérrez. The company, specializing in the exploration, production, refining and commercialization of petroleum, had its origin in 1907, when oil was discovered near the city of Comodoro Rivadavia in Chubut . Following World War I , oil had become an important resource, leading to struggles between rival powers to gain control of it. YPF

3108-404: The coldest with an annual mean temperature of 8 °C (46.4 °F) owing to the higher elevations while the coastal areas are the warmest with an annual mean temperature of 12 to 14 °C (53.6 to 57.2 °F). The central parts of the province have an annual mean temperature of 10 to 12 °C (50.0 to 53.6 °F) since they have a higher elevation than the coastal areas. During winter,

3192-597: The company for US$ 1.3 billion on 4 May 2011. A majority of the firm's shares (58%) remained under the control of Repsol, while 16% remained in private portfolios; the Argentine Government retained the golden share. In 2014, Repsol exited the Argentine market, giving up its stake in YPF. Argentine international energy trade recorded an imbalance of US$ 3 billion in 2011, the first negative figure since 1987, and

3276-510: The company while expanding its reach outside Argentina, acquiring Maxus Energy Corporation of Dallas for US$ 740 million in 1995. Estenssoro died in a plane crash in Ecuador , where Maxus maintained wells, in May of that year. His policy of high exploration investments was maintained by his successor, Nells León, and reserves expanded by 50% while production rose from 109 million barrels in 1993 to

3360-468: The complete nationalization of oil resources; but on 6 September 1930, Yrigoyen was deposed by a military coup headed by General José Félix Uriburu , and the project was withdrawn. The coup was lobbied for chiefly by Standard Oil, whose interests in Salta Province and neighboring Bolivia conflicted with those of YPF. The subsequent Concordance regime supported YPF, however, and its role as

3444-659: The consequence that costs increased faster than income. YPF also bore an extremely heavy tax burden, as 68.4% of its revenues were paid as tax to the national and provincial governments, as well as a long list of state agencies that included the National Energy Fund, the National Highway Council, and the Provincial Road Fund. Another serious drain resulted from the failure of other state enterprises such as Argentine Railways and

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3528-598: The development of the interior regions of Argentina. YPF produced 5.5 million barrels by 1929, and though its share of domestic output had declined to 58% (from 77% in 1923) amid a sharp rise of Esso and Royal Dutch Shell production in Chubut, the firm now covered a third of the nation's oil market. A partnership with distributor Auger & Co. signed in 1925 resulted in a network of over 700 filling stations selling 178 million liters (47 million gallons) by 1930 – an 18% market share. Company revenues in 1930 reached US$ 25 million. The Petroleum Institute ( Instituto del Petróleo )

3612-541: The director's newly established company Sol Petróleo , a dummy corporation used by Suárez Mason and his appointees for embezzlement as well as to divert funds to the Contras and the fascist organization P2 (to which the director belonged). Suárez Mason had YPF borrow heavily not only to cover such asset stripping but also at the behest of Economy Minister José Alfredo Martínez de Hoz , whose bid for currency strength and policy of financial deregulation required

3696-435: The firm had caused declines in output. Governors in six fossil-fuel producing provinces subsequently revoked YPF leases representing a fifth of its oil production. Citing Brazilian oil giant Petrobras as an example, the president announced the introduction of a bill on 16 April 2012, for the renationalization of YPF : the national government would purchase a controlling 51% share, with ten provincial governments receiving

3780-561: The first unconventional oil and gas discovery in Chubut from a fracked well in the Early Cretaceous D-129 formation of the Golfo San Jorge basin. Chubut produces 21% of the nation's fish catch. Sheep ranching, though less than half as productive in the 21st century compared to as recently as 1990, remains important at the local level. The advent of synthetic replacements to wool after World War II battered

3864-621: The foreign firms which had taken part in the 1958 bids, only Amoco remained. The cancellations cost US$ 50 million in indemnity payments, though they proved fortuitous after the company's discovery of the Puesto Hernández field in 1965. Puesto Hernández, near Rincón de los Sauces , Neuquén Province , was later declared the "national energy capital" due to its having at the time around half of Argentina's reserves of oil and natural gas. This discovery allowed YPF output to rise by 50% between 1965 and 1968 to 95 million barrels, its share of

3948-411: The gas flared off in YPF oil extraction should instead be captured, and sold by a state company, thus establishing the sister firm Gas del Estado ("State Gas") in 1946. The nation's first gas compressor and what at the time was the world's longest gas pipeline were completed by 1949, leading to a fifty-fold increase in natural gas production. Oil production at YPF surpassed 25 million barrels (84% of

4032-468: The inhabitants are in the main cities. They have also settled along the Chubut River . Most areas have a population density of less than 1 inhabitant per square kilometer. Chubut's economy, for a long time one of the most prosperous in Argentina, is one of the country's least diversified. Nearly one-quarter of its 2006 output, estimated at US$ 4.652 billion (or a per capita income of US$ 11,256),

4116-560: The law project, refusing to pay a 10% royalty. The bill was supported by President Marcelo Torcuato de Alvear but was ultimately blocked by the conservatives in the Senate . Oil nationalization became an important theme of Yrigoyen's electoral campaign of 1928, although the Yrigoyenistas focused their criticism on Standard Oil of New Jersey, abstaining themselves from attacking British Empire interests, to which Argentina's economy

4200-577: The leading oil driller in Argentina). YPF shares of total output fell 8 points to 34% in oil, and 12 points to 23% in natural gas; its declines in output represented 54% of lost oil production and 97% in the case of natural gas. The company's oil production had declined by a further 7%, and gas by 9%, during 2011. Production declines of 6% annually under Repsol were reversed following the renationalization, however. Amid sharp increases in profitability and investment, output in 2013 rose by 3.4% in oil and

4284-501: The matter to the World Bank ICISD for arbitration. The Argentine government and Repsol reached agreement in principle on compensation in November 2013, and on 25 February 2014, Repsol announced final agreement that the Argentine government would provide Repsol with guaranteed Argentine government bonds of varying maturities, the nominal amount varying to assure that Repsol would in fact receive US$ 5 billion in compensation for

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4368-515: The mean temperature in the coldest months ranges from 6 to 7 °C (42.8 to 44.6 °F) in the northern parts of the province to 4 to 7 °C (39.2 to 44.6 °F) in the southern parts. In the Andes, the mean temperature can be close to 0 °C (32.0 °F). Unlike the northern hemisphere, most of the cold air masses originate from the Pacific Ocean, which moderates the cold air and as such, extreme cold temperatures are rare. Occasionally, cold air masses from Antarctica are not moderated by

4452-594: The moisture from the Pacific Ocean from coming in, causing it to release most of the precipitation on its western slopes, most of the province is dry, averaging less than 200 mm (7.9 in) a year. In the central parts of the province, some areas receive less than 100 mm (3.9 in) of precipitation a year. In the Andean part, precipitation increases towards the Chilean border and precipitation ranges from 700 mm (28 in) to over 3,000 mm (120 in). A Mediterranean like precipitation pattern, similar to central Chile with dry summers and wet winters

4536-465: The moisture precipitates on the western side of the Andes, leaving all except the Andean portion of the province dry. In the Andean region, the climate is cold for its latitude owing to the higher elevations there and the influence of winds from the Pacific Ocean. The peaks are usually snow covered throughout the year. In this region, precipitation ranges from 700 mm (28 in) to over 2,500 mm (98 in) in some areas. The central parts of

4620-422: The mountains. Most of these valleys existed before the Andes were formed. The lakes, which are mostly located in the western parts of the province are of glacial origin because during the last ice age , the movement of the glaciers lead to the formation of extensive areas of depressions that were filled up with water to form the lakes today. The Andes cause humid winds from the Pacific Ocean to rise so most of

4704-467: The nation and the provinces) as well as most of the outstanding investor shares. The union of the two companies took on the name Repsol YPF ; YPF would represent 40% of the new firm's reserves and over 50% of its production. The Petersen Group (property of the Eskenazi family of Buenos Aires) entered into a partnership with Repsol in 2007 by acquiring a 15% stake in YPF; the group bought another 10% of

4788-617: The nation's leading oil distillates retailer was bolstered by a 1936 agreement with the Automóvil Club Argentino (ACA) to supply a chain of ACA service stations. Oil production by YPF continued to grow, and soon eclipsed private production: from just over 5 million barrels (37% of the total) in 1934, production grew to 15 million in 1945 (67%). The development of the nation's sizable natural gas resources also originated largely from YPF. Drawing from an initiative by YPF director Julio Canessa, President Juan Perón ordered that

4872-612: The nation's oil output growing from two-thirds to three-fourths. New oil field rental contracts were signed following a 1967 policy change enacted by President Juan Carlos Onganía which had the goal of achieving self-sufficiency in oil by 1975. Regaining its monopoly on oil imports in 1971 (which still averaged around 15 million barrels), YPF retained a majority of production (75%), as well as refining and distribution (60%), of petroleum in Argentina. The firm operated 7 refineries and 3,000 service stations by 1977, while production reached 118 million barrels. Perón's return to Argentina and to

4956-530: The nation's total) by 1955. This gain was partly offset by a 40% drop in private-sector output, however, such that overall oil production rose by only one-third during the Peronist decade while annual consumption nearly doubled to 70 million barrels. The nation's oil supply thus shifted from 60% domestic in 1945, to 60% imported by 1954. Oil imports by 1955 rose to US$ 300 million, or over one fourth of total merchandise imports. Perón had made economic nationalism

5040-411: The national airline to pay YPF for their fuel in full and on time. These intergovernmental accounts represented 20% of YPF's sales and were as much as ten years in arrears. The tax policy of the military government followed the same path as its civilian predecessors, a path that regarded YPF as a convenient source of funds to ease the country's chronic and serious fiscal deficit position. The death in

5124-512: The north. The westernmost parts of the province are the coolest during the summer, averaging only 14 °C (57.2 °F). The central parts of the province have the most extreme temperatures which can reach over 40 °C (104.0 °F) during the summer and below −20 °C (−4.0 °F) in the winter. The lowest temperature recorded in Chubut was −33 °C (−27.4 °F) in Sarmiento. In general, relative humidity values do not vary

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5208-412: The ocean, resulting in very cold temperatures. During summer, the temperature gradient is greater than in the winter. The northern parts of the province, have a mean temperature greater than 20 °C (68.0 °F) in the warmest months while in the southern parts, the mean temperature in the warmest month ranges from 17 to 19 °C (62.6 to 66.2 °F) owing to the influence of subtropical air from

5292-562: The old steam train made famous by Paul Theroux , attracts many to Esquel , as does the La Hoya ski center. The petrified forest near Sarmiento is a 150 km park with some of the largest fossilised trees in the world. The Ruta Nacional 3 runs along the coast line up to Buenos Aires , and down to Tierra del Fuego . The Ruta Nacional 25 crosses Chubut from East to West, connecting Trelew and Esquel , but half of it has not yet been paved. Regular long-distance buses run several times

5376-535: The periodic issuance of high-yield corporate bonds. These bond issuances were raised to US$ 1.5 billion per series in April 2015, as demand surged to US$ 4 billion. In December 2019, the recently inaugurated President Alberto Fernández put Guillermo Nielsen in charge of YPF. Nielsen was replaced by Pablo Gerardo González in January 2021. President-elect Javier Milei stated after his election in 2023 that YPF

5460-547: The presidency in 1973 was followed by the addition of nearly 20,000 employees (YPF employed 53,000 by 1976). It also coincided with the 1973 oil shock , however, and the US$ 470 million in added oil import costs combined with larger payrolls to erase profits in 1974, while production declined slightly. The dictatorship installed in a March 1976 coup initially presided over a revitalization and streamlining of YPF. Output increased by 20% and its finances initially improved following

5544-421: The province can receive 10 hours of sunshine/day while southern parts receive 8 hours of sunshine/day. During winter months, the province receives 4–5 hours of sunshine/day. Print newspapers include: Online journalism has a small, growing presence in Chubut. The six print newspapers have online editions; these are updated every 24 hours. Some new digital proposals make a better use of web's potential. One case

5628-420: The province have an arid climate with hot, sunny summers but cold winters and only average 200 mm (7.9 in) of precipitation a year. The central parts of the province are very windy throughout the year. The coast has an arid or semi-arid climate with hot, but short summers and cold winters. It is the mildest region in the province with the warmest annual mean temperatures. The coast region's climate

5712-520: The province; it has 180,000 inhabitants. The administrative capital is Rawson (40,000). Other important cities are Puerto Madryn , Trelew , Esquel and Sarmiento . Gaiman is a cultural and demographic centre of the region known as " Y Wladfa " in which Welsh-Argentines are concentrated. Before the Spaniards arrived in the Americas , nomadic indigenous Tehuelche people had inhabited

5796-750: The relationship between YPF and the government became difficult. Investment in exploration at YPF as a percentage of profits had been far below those in most other Repsol subsidiaries. Market analysts and Repsol blamed the decline in exploration and production on government controls on exports and prospecting lease awards, and price controls on domestic oil and gas. Political risks and government intervention, including price controls, have discouraged foreign investment in oil production in Latin America in general. President Cristina Fernández de Kirchner raised YPF frequently in speeches during March 2012, claiming that underinvestment and excessive dividends at

5880-617: The remaining 49%. Planning Minister Julio de Vido was appointed to head the Federal intervention , replacing CEO Sebastián Eskenazi. Repsol YPF CEO Antonio Brufau, Spanish Prime Minister Mariano Rajoy , and other Spanish officials objected to the nationalisation, accusing the Argentine government of driving down YPF shares ahead of the announcement (market price of the shares declined by over half from February to April). Economy Minister Hernán Lorenzino claimed in turn that asset stripping at YPF had financed Repsol's expansion in other parts of

5964-462: The restructuring process. The financial bottom line for the company was increased from a loss about $ 1 billion in 1991 (although the accounting system at the time could not accurately compute actual profit) to a profit of $ 1 billion in 1993, and the underlying value of YPF was increased from about US$ 2 billion to the US$ 9 billion after privatization. Estenssoro stayed on as CEO, and further streamlined

6048-464: The sector. It declined further because of Argentina's political instability and damage from natural disasters. Wool production has risen since 2002, however, and totaled 71,000 tons in 2006. Chubut stretches from the Atlantic to the Andes with 3 distinct environmental regions: The Andes, the central plains and the coastal regions. The Andes in the westernmost parts of the province mostly extend along

6132-420: The south where the average is more than 9 metres per second (30 ft/s). Higher altitude areas are more windy than lower altitude areas, resulting in the Andean region being windier than the coastal areas. As in much of Patagonia, summers tend to be windier than winters. Sunshine in the province follows a north–south gradient (decreases from north to south), particularly during summer where northern parts of

6216-520: The takeover on 26 April with 63 votes in favor of the measure, three opposing it and four abstentions. The Chamber of Deputies in turn approved the bill on 4 May with 208 votes out of 257 and six abstentions. The president signed the renationalization into law on 5 May. Miguel Galluccio , an Argentine petroleum engineer with experience at both YPF and at oilfield services leader Schlumberger as president of its production management division in London ,

6300-414: The world. Responses included a diplomatic offensive by Rajoy in other countries in the region, assurances by Industry Minister José Manuel Soria of "clear and decisive" Spanish government measures, Foreign Minister José García-Margallo y Marfil 's admonition that Argentina had "shot itself in the foot" by damaging relations with Spain , and other threats. The Chinese state oil concern, Sinopec ,

6384-399: Was appointed CEO. Argentine Deputy Economy Minister Axel Kicillof rejected Repsol's initial demands for payment of US$ 10.5 billion for a 57% stake in YPF (the state sought 51%), citing debts of nearly US$ 9 billion. The book value of YPF was US$ 4.4 billion at the end of 2011; its total market capitalization on the day of the announcement was US$ 10.4 billion. Repsol officials submitted

6468-441: Was closely linked (in particular Royal Dutch Shell ). Following Yrigoyen's victory in the 1928 elections , YPF, still directed by Enrique Mosconi, reduced oil prices in May 1929, leading to the cheapest petroleum in the world and to an important increase in YPF's sales compared to its rival private companies, forcing them to also lower their prices. Mosconi also reduced the price of kerosene and agrochemicals to contribute to

6552-910: Was created by President of Argentina Hipólito Yrigoyen on 3 June 1922. It was the first entirely state-run oil company in the world, the second being the French Compagnie française des pétroles (CFP, French Company of Petroleum), created in 1924 by the conservative Prime Minister Raymond Poincaré . YPF's creation was followed by the creation of ANCAP in Uruguay (1931), YPFB in Bolivia (1936), Pemex in Mexico (1938), ENAP in Chile (1950), and Petrobras in Brazil (1953). Mosconi served as YPF's first director. YPF bought its first tanker in

6636-604: Was created on 30 December 1929, and directed by Ricardo Rojas , the rector of the University of Buenos Aires . Foreseeing conflicts with US private companies, Mosconi proposed an agreement with the Soviet state company Amtorg , which was to allow Argentina to import 250,000 tons of petroleum each year, paid by trade with leather, wool , tannin and mutton . The agreement was to be made official in September 1930, along with

6720-719: Was disputed between Chile and Argentina until 1881. Chile renounced its claim in order to prevent Argentina from entering into the War of the Pacific , in which it was already fighting against Peru and Bolivia. As part of the Conquista del Desierto (Conquest of the Desert), Argentina organized the National Territory of Chubut in 1884, after the last indigenous cacique, Inacayal , surrendered to government forces. Luis Fontana

6804-470: Was named governor. At the beginning of the 20th century, after the Boer War , some Boer people settled in the town of Sarmiento and in lesser number in other nearby towns. From 1895 to 1915 hundreds of Spanish and Italian born immigrantes settled in the lower Chubut valley as well a little more than hundred Chileans. In 1944, the southern part of Chubut and northern part of Santa Cruz were designated

6888-851: Was one of the state-controlled companies that he planned to privatize. The company remained the largest in its sector in Argentina despite declining production, operating 52% of the nation's refinery capacity in three facilities and 1,600 filling stations. Its sales of gasoline and other motor fuels totaled 12.15 billion liters (3.21 billion gallons) in 2011, 57% of the national market in these. Oil production in Argentina peaked in 1998 at 308 million barrels and declined steadily afterward, reaching 209 million in 2011. Natural gas production also declined, from 52 billion m in 2004 to 45.5 billion. The company's production of oil had fallen by 43% between 1998 and 2011, and of natural gas by 37% from its high in 2004. Oil exploration fell from 30 wells in 1998 to 8 in 2010 (French energy firm Total S.A. overtook YPF as

6972-435: Was reported to have been in talks to buy out Repsol's share in YPF – a potential deal scuttled by the Argentine announcement. Both Repsol and YPF shares fell sharply before and after the announcement, and the cost of insuring Argentine government bonds against default rose, as did those of Spain. Repsol Chairman Brufau estimated the company's potential loss at €5.7 billion (US$ 7.5 billion). The largest minority shareholder,

7056-623: Was signed in 1955 for the eventual production of up to 56 million barrels a year. These initiatives were opposed by much of the Army , the opposition UCR , and among others Perón's point man on national oil policy, YPF head Julio Canessa, who was dismissed. The venture ended following Perón's overthrow in September. An erstwhile critic of both the Drilexco and Standard Oil contracts, President Arturo Frondizi enacted policies in 1958 which granted foreign firms rental contracts by YPF over new wells to foster exploration and production. A key part of

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