BUENOS AIRES, Argentina – Argentina’s state energy company YPF says it has acquired the local operations of Houston-based Apache Corp., making it the largest natural gas producer in the South American country.
A statement from YPF President Miguel Galuccio says the $800 million deal will increase YPF’s hydrocarbon reserves by 14 per cent and its production by 15 per cent.
A statement posted on oil and gas company Apache’s website says the deal is worth $852 million — a cash payment of $800 million plus the assumption of $52 million in debt.
YPF says it made a $50 million deposit Wednesday and will pay the rest over the next 30 days.
Argentina suffers from an energy deficit that forces it to import billions of dollars of fuel a year.