It is decided between three oil companies owned by Argentine families

It is decided between three oil companies owned by Argentine families
It is decided between three oil companies owned by Argentine families

With an Argentina that is barely the 2% of your global business and 10% of your headaches, The board of directors of Exxon Mobil was encouraged to leave the country in 2023. The decision is already in its final stage.

Jefferies Bank of the USA prepared the short list made of three firms seeking to take over the assets of the American colossus. There are seven areas in Vaca Muerta among which are Bajo del Choique stands out, with proven reserves of shale oil.

A source involved in the process confirmed to Clarion which will be defined in the next two weeks. It is a mega operation that involves US$ 1,000 million.

The three chosen companies belong to Argentine families. Pluspetrol belongs to the Rey and to a lesser extent to the Poli, PAE; by the Bulgheroni and Vista, by Miguel Galuccio. Along the way were Tecpetrol from the Techint group, YPF, Pampa from the Mindlin family and the Anglo-Dutch Shell.

From what transpired, Exxon already has the Qatar Petroleum endorsementthe Qatari state oil company, which in 2018 acquired 30% of Exxon Mobil in the country.

Exxon is itself an empire that dominates the global oil business and aspires to conquer much more.

Its activities extend into 40 countries Founded by John Rockefeller in 1882, it was for years the most valuable company in the world until in 2006 it was displaced by technology companies. At that time, by Apple.

Exxon disbursed US$60 billion to add Pioneer Resources, a strong company in the Permian, the Dead Cow of the USA. And it is developing a deposit of immense proportions in Guyana where it already produces around 640,000 barrels of oil per day, practically the same as all of Argentina, according to the specialized EconoJournal.

By the way, it is not the only multi that is retreating.

There are cases like Loma Negra, from the Brazilian Camargo Correa family and part of its holding company Intercemento that also attracted several Argentinians as interested parties but that finally opted for the Brazilian group Compañía Siderúrgica Nacional of Benjamin Steinbruch, the largest steel producer in Brazil.

The banks BBVA, Patagonia and even Supervielle are also mentioned.

It is curious, because when the shareholders of those companies were consulted They have a positive balance of the Milei administration and even more so, they show enthusiasm for the new direction the country is taking.

But “I don’t pay to see”, summarized an executive of these firms in obvious allusion to the fact that they have already gone through quite a few economic cyclones. There is, however, one exception: that of the Italian Enel, the owner of Edesur that will continue in the country.

 
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