Ricardo Darre, the newly appointed CEO of YPF (Yacimientos Petrolíferos Fiscales), Argentina’s state-owned oil and gas corporation, begins work on 1 July, according to the local daily newspaper, La Nacion.
Darre replaces Daniel Gonzalez whose candidature was approved two months ago on a temporary basis by the company's shareholders.
According to local media, Ricardo Darre will be tasked with managing the technical aspects of YPF's activity, whereas Miguel Gutierrez, the company's new President, will be in charge of the corporation’s general management.
Ricardo Darre was previously the US exploration and production unit Executive Director of Total SA, the French oil and gas corporation.
On 30 April 2016, YPF`s new management was appointed at the shareholders meeting. Miguel Angel Gutierrez became the company President, replacing Miguel Galluccio, while Daniel Gonzalez became the interim CEO and CFO.
Local media highlight that the main goals of the new management headed by Gutierrez include changing the structure of YPF, developing a new business model, and freeing the company from being politicized. According to experts who at the time were in opposition to the government in power the company had become “politicized” under former President Cristina Fernandez de Kirchner.
Yacimientos Petroliferos Fiscales is Argentina’s main oil and gas company. It currently occupies the leading positions in all sector fields (exploration, production, refining, distribution and sales). The company’s overall market share exceeds 43%.
YPF manages three refineries at key strategic locations as well as an extended network of over 1,500 filling stations.
Argentina has an estimated 300 billion cubic meters of natural gas in proven reserves, and nearly 300 million tonnes of oil. According to the EIA, Argentina ranks second after China in volumes of potential shale gas reserves (with over 800 trillion cubic feet/22,6 trillion cubic meters), and is fourth in shale oil reserves, estimated at 23-27 billion barrels (3,2-3,7 billion tonnes).
In April 2014, 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 Vladimir Putin, President of the Russian Federation and Cristina Fernandez de Kirchner, President of Argentina. The Memorandum outlines the main areas of the companies’ interaction, including cooperation in the fields of geological exploration, hydrocarbon production and transportation in Argentina and other countries.
In September 2015, Gazprom and YPF agreed to carry out joint exploration and production projects in Argentina. A corresponding agreement was signed by the heads of the companies at the Eastern Economic Forum in Vladivostok.