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Argentina to ease exchange control for oil and gas companies

AFP

Argentina on Tuesday announced an easing of foreign exchange controls for the shale oil and gas industry in a bid to promote investment and boost production.

In an area known as Vaca Muerta in Patagonia, Argentina has what is considered the second-largest shale gas reserve in the world and the fourth largest of shale oil. 

Extraction has been hampered by a lack of much-needed but costly investment, especially for hydraulic fracking. 

On Tuesday, Economy Minister Martin Guzman said “a special regime for currency access” would be put in place for the hydrocarbon industry “to guarantee the special equipment they require,” especially for fracking.

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About 20 oil companies have been operating in Vaca Muerta since 2013, including Chevron, Shell, Total and Statoil in partnership with the Argentine oil company YPF. 

Since September 2019, Argentina has had exchange controls in place with a limited official rate of about 120 pesos for one dollar. 

At the same time, currency can be exchanged at a rate of some 200 pesos to the dollar through debt bonds or on the informal market.

“We have a great opportunity in energy in Argentina. The next 15 years have great potential for development,” said President Alberto Fernandez, on a working trip with Guzman.

The government says oil production can increase by 70 percent and gas production by 30 percent over the next five years. 

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In recent months, Argentina has increased its production of hydrocarbons to reach a record 578,000 barrels per day in April — an increase of 13 percent in 12 months, according to the government.

Gas production in the same month was 127 million cubic meters, an increase of 12 percent year-on-year.

That has allowed the country to reverse five years of decline in oil production, said Guzman.

Last month, the government launched a construction tender phase for a gas pipeline from Vaca Muerta to the north of the country, to increase domestic supply and exports at a time when worldwide energy costs have shot up due to the war in Ukraine.

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International

Paraguay summons Brazilian ambassador over Itaipú espionage scandal

Paraguay summoned the Brazilian ambassador in Asunción on Tuesday to demand “explanations” and called its own representative in Brasília for consultations following Brazil’s acknowledgment of an espionage operation. The Brazilian government, led by President Luiz Inácio Lula da Silva, attributed the operation to the previous administration.

The surveillance effort aimed to uncover Paraguay’s position in now-suspended negotiations with Brazil regarding the pricing of electricity from the binational Itaipú hydroelectric plant, according to reports in the Brazilian press.

The Brazilian government “categorically denied any involvement in the intelligence operation,” stating in a Foreign Ministry communiqué on Monday that the espionage was carried out under former President Jair Bolsonaro’s administration (2019-2023).

“The operation was authorized by the previous government in June 2022 and was annulled by the interim director of the (state intelligence agency) ABIN on March 27, 2023, as soon as the current administration became aware of it,” Brazil’s government asserted.

Paraguay’s Foreign Minister Rubén Ramírez announced that Brazilian Ambassador José Antonio Marcondes de Carvalho was summoned “to provide detailed explanations” regarding the operation. Additionally, Paraguay recalled its diplomatic representative in Brasília “to report on aspects related to the intelligence activity conducted by Brazil regarding Paraguay’s government affairs.”

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Elon Musk to step down as government advisor, per Trump insiders

President Donald Trump has informed his inner circle that Elon Musk will be stepping down from his role as a government advisor, according to a report by Politico today.

Citing three individuals close to Trump, Politico states that the president is pleased with Musk’s leadership at the Department of Government Efficiency (DOGE), where he has implemented significant budget cuts. However, both have agreed that it is time for Musk to return to his businesses and support Trump from a different position outside the government.

A senior administration official told Politico that Musk will likely maintain an informal advisory role and continue to be an occasional visitor to the White House. Another source warned that anyone thinking Musk will completely disappear from Trump’s circle is “deluding themselves.”

According to the sources, this transition is expected to coincide with the end of Musk’s tenure as a “special government employee,” a temporary status that exempts him from certain ethics and conflict-of-interest regulations. This 130-day period is set to expire in late May or early June.

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International

Milei vows to make Argentina so strong that Falkland Islanders “choose” to join

Argentine President Javier Milei reaffirmed his country’s claim over the Falkland Islands (known as the Islas Malvinas in Argentina) and praised the role of the nation’s armed forces during a ceremony marking the “Veterans and Fallen Soldiers of the Malvinas War Day,” commemorating 43 years since the 1982 conflict with the United Kingdom.

Argentina continues to assert sovereignty over the islands, arguing that Britain unlawfully seized them in 1833.

“If sovereignty over the Malvinas is the issue, we have always made it clear that the most important vote is the one cast with one’s feet. We hope that one day, the Malvinas residents will choose to vote with their feet and join us,” Milei stated.

“That is why we aim to become a global power—so much so that they would prefer to be Argentine, making deterrence or persuasion unnecessary. This is why we have embarked on a path of liberation, working to make Argentina the freest country in the world and once again the nation with the highest GDP per capita on the planet,” he added.

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