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Argentina may have to curb oil exports if cos fail to invest - Enarsa president
10.05.2005, 07:41 AM
BUENOS AIRES (AFX) - The president of Argentina's state-run oil company Enarsa, Exequiel Espinosa, said that restrictions to oil exports may have to be imposed if oil companies fail to invest in exploration, daily La Nacion reported.
Speaking on the sidelines of an oil forum, Espinosa said that oil is a strategic resource for Argentina rather than a commodity.
The imposition of restrictions to oil exports cannot be ruled out, he said, adding that, 'to avoid this, oil companies will have to make the investments needed'.
Argentina has been a net oil exporters for at least 15 years, but the government fears the country could become a net oil importer within three years if no new oil discoveries are made.
According to the report, Espinosa's comments rattled the oil companies' representatives who attended the conference.
David Tesanos, marketing manager of Wintershall, was quoted as saying that what the oil sector needs is an improved business environment so that confidence is restored.
During a debate, Espinosa said that oil companies are making a lot of money due to high international prices.
This money is kept by the companies rather than spent on exploration, he was quoted as saying, adding that some people seem to forget that Argentina's country-risk premium is now much lower than at the time of Argentina's financial and economic crisis.
The main oil companies operating in Argentina are Repsol YPF SA, Petroleo Brasileiro SA and Total SA.
