Miguel Galuccio appeared and spoke of YPF: 'It has to be managed by oil tankers'

Miguel Galuccio, former president of YPF, gave a talk about Vaca Muerta and some of his definitions lent themselves to various interpretations. "YPF has to be managed professionally by people who come from this industry, not by any professional, they have to be oilmen and ypefianos." The phrase seemed a kind of support for Pablo Iuliano, the current CEO of the expropriated oil company.

But some of those present believed he was criticizing the political leadership of the company, whose president is Pablo González. However, close to Galuccio they explained that his expression pointed to another side: that the CEO of the company – the one who makes many of the decisions – continues to be someone from the oil sector, as is Iuliano.

"YPF is not just another company in the world of energy. YPF is 50% of the Argentine market. Everything YPF does is what allows us to be here, discussing Vaca Muerta. YPF is 50% of the Argentine market. No one would have launched to do what we did since 2012, no private company, "said Galuccio, who is now a shareholder of Vista, one of the private oil companies that advances the most in the Neuquén formation.

"YPF has to be run professionally, professionally, by people who come from this industry. Not just any professional. They have to be oilmen and they have to be Ypefianos. And they have to have a long history. YPF has the best people in the industry. They have the ability to cover their paintings with what they generate," Galuccio prepared the ground in what seemed like a high school to explain what was coming next.

"(Driving) not only has to be professional in the Ypefian industry, we also have to give them the possibility of continuity. A company does not manage with political sites, a company has its own sites, its own site, a CEO of a company moves when it does not give results, not when there is a change of government. So we also have to take care of that flagship company, that flag company, as we call it," he said.

To some it sounded like a criticism of the presidency of YPF, which has been handled with political criteria since 2015. Close to Galuccio they explained that it was not a criticism of the political leadership, but a reflection so that the CEOs of YPF do not change with governments, but remain based on the results obtained.

"We must make Vaca Muerta a state policy today, it is in part, but we must go further. We need free access to foreign exchange, we cannot bring drilling equipment without that, plus an open currency flow for investors. To be a normal country." Said. Galuccio recalled when he took the reins of the companies, and the problems that existed: the pumps ran out of fuel, and the company did not dare to explore more in Vaca Muerta.

"We also have to ensure the supply of the domestic market with domestic pricing policies that have predictability," he emphasized.

Galuccio, who is an engineer, was invited to the opening of the Engineering Week, organized by the Argentine Center of Engineers. The entrepreneur felt comfortable in that area. His speech targeted his specialty – oil. "We could increase Vaca Muerta's production by 83%, producing one million barrels. Also increase gas production by 53%. And have an impact on the trade balance by 2030 of US $ 25,000 million with oil exports and the substitution of gas imports, "he enthused.