Renewal in Argentina
Argentina's oil development in 1967 was highlighted by the rise of production to more than 300,000 bpd and the enactment of the new petroleum law, granting concessions to private national and foreign companies. The political and economic situation of Argentina has improved remarkably. the new government has established a free and stable exchange rate, and increased exports, which in the first half of 1967 left a surplus of nearly $400 million. It has reduced the power of the labor unions to command uncontrolled rises of wages and salaries. In its efforts to balance the economy of the country, increase the output of petroleum and attract foreign investments, a new petroleum law was enacted on June 23, 1967. In Argentina, the assigning of concessions was newly incorporated in the law which grants full mining rights. Concessions are considered by the Argentine government as a safer guaranty for investors. They offer, in addition, the incentives of commercial development for domestic market and eventually for export by companies themselves, without depending on YPF, the government agency, as in the former service contracts.
- OSTI ID:
- 5923156
- Journal Information:
- World Pet.; (United States), Vol. 39:1
- Country of Publication:
- United States
- Language:
- English
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