An emergency meeting of the shareholders of Argentina’s state-owned energy giant, Yacimientos Petrolíferos Fiscales (YPF) took place on April 29th earlier this year. It led to several major changes in the company’s Board of Directors, according to the Argentine daily newspaper La Nacion. Miguel Angel Gutierrez became the company’s new President, with Daniel González taking the position of CFO and interim CEO.
“This is indeed a great honour for me, and it makes me very proud to have been appointed to such an important position in the company. I am fully committed to leading the YPF to a better future”, - said Mr. Gutierrez.
Miguel Angel Gutierrez is a former member of the company’s Auditing Committee, and headed the committee from 2002 to 2003. Previously he served as the President and Chief Managing Director of Argentine’s telecommunications giant Telefonica, as well as the head of Autopistas de Oeste S.A. construction company (Western line). He is also one of the co-founders and partners at the Rohatyn investment group where he served as head of Real Estate, Infrastructure, and Renewable Energy Resources Investment. He worked in the securities division at JP Morgan until 2002, heading the Latin American market section.
Miguel Angel Gutierrez replaced the company’s former head Miguel Galuccio who was appointed in May, 2012, immediately following the renationalization of the company.
Daniel González served for 14 years as an executive at Merrill Lynch & Co investment bank, heading different divisions both in Buenos Aires and in New York. Previously, he served as Head of Financial Planning and Investor Relations at the Transportadora de Gas del Sur SA gas transportation company. He has served as YPF’s Chief Financial Officer since July, 2012.
Both positions will require great dedication to ensuring and maintaining a professional and sustainable management system at the YPF, states the company’s website.
Yacimientos Petrolíferos Fiscales is the main oil and gas company in Argentina. The company currently occupies leading positions in all sectorial fields (exploration, production, refining, sales and transportation). The company’s share on the market exceeds 43%. YPF manages three oil treatment facilities at key strategic locations, as well as an extended network of 1,500 filling stations.
Argentina has an estimated 300 bln cubic metres of natural gas in proven reserves, and about 300 mln tons of oil. According to the data provided by the EIA, Argentina comes second (after China) in volumes of potential shale gas reserves with more than 800 trln cubic feet / 22,6 trln cubic metres), and fourth in shale oil reserves, estimated at 23 - 27 bln barrels (3,2 – 3,7 bln tons).
Alexey Miller, Chairman of the Management Committee of PJSC Gazprom and Miguel Galuccio, former Head of YPF, signed a Memorandum on Cooperation, in the presence of the President of the Russian Federation Vladimir Putin and the President of Argentina Cristina Fernández de Kirchner. The Memorandum outlines the main areas of the companies’ cooperation, including cooperation in the fields of geological exploration, production and transportation of hydrocarbons in Argentina as well as other countries.
In September 2015, Gazprom and YPF agreed to the joint management of exploration and production projects in Argentina. An agreement was signed during the Eastern Economic Forum in Vladivostok.