Martín Bidegaray
07/10/2020 - 9:59
- Clarín.com
- Economy
- Economy
50 days ago, the Government published the decree establishing the "Creole barrel" . It was a special price for local oil production, with the aim of maintaining jobs and activity. It was established that the oil companies should receive US $ 45 for each barrel delivered . However, the measure is not causing improvements in the employment situation.
The oil company contractors have more than 15,000 suspended workers. Employees are collecting up to 60% of their wages. And a dozen SMEs from Neuquen, who live thanks to Vaca Muerta, began the journey to request a preventive crisis procedure . Under that situation, they could compensate at a lower cost.
Oil recovered internationally. For this reason, the need to force a “barrel Creole” price was losing importance. The Brent variety, which is the benchmark for Argentina, was trading at US $ 43 on Thursday. The "Creole" establishes an amount of US $ 45. Although there may be some contracts, several oil companies consulted say that they do not know of operations that have been agreed following the official decree.
The "Creole barrel" was designed to isolate Argentina from the rest of the world. In other words, to achieve that the local industry charges a different amount than the international one, when it was down. There is a review of that process within 40 days, as the official decree set quarterly reviews. With Brent in the US $ 43 zone, several businessmen believe that this stage of the Creole barrel has its days numbered.
Companies have been avoiding the Creole barrel as much as they can. Guillermo Nielsen, president of YPF, assured that his company had covered supply until the end of the year. Refiners (have no production) such as Raizen -exploits the Shell brand- and Trafigura -Puma stations- are also looking for alternatives to buy cheaper than the agreed US $ 45.
Some oil companies that bet on Creole as a salvation experience frustrations. From the National Executive Power they are told that the provinces must control the application of this measure, since the royalties are provincial. In provincial governments they deal with other conflicts.
Neuquén received $ 52,000 million in royalties during 2019. As that reflected another exchange rate parity, for this year he expected an improvement. However, the oil services companies are leaving. In the Vaca Muerta formation, the perforations are counted on the fingers of the hand. YPF agreed to pay its contractors up to 60% of what they should have received since March. According to the newspaper La Mañana de Neuquén , a dozen SMEs from that town began the crisis prevention procedure.
The Creole barrel was resisted by the bulk of the industry. He was supported by the governor of Neuquén, Omar Gutiérrez, and Vista, the oil company of Miguel Galuccio, the former YPF president. At the state majority firm they were against it, but the new CEO - Sergio Affronti - defended the measure. The Ministry of Productive Development, headed by Matías Kulfas, started out being cautious on the matter, but then accelerated.
The shortage is even noticeable in the announcements of the oil companies. Before, they communicated when they were about to start investments, projects of hundreds of millions of dollars or new discoveries. Now they celebrate if they can reopen any oil or gas well that has been inactive since March.
