Vaca Muerta helped the record surplus and oil companies seek more dollars to finance investments

Production of crude oil and natural gas in Vaca Muerta contributed decisively to Argentina obtaining a record trade surplus in 2024 in nominal terms, due to the increase in exports of shale oil to Chile but fundamentally due to the substitution of imports of Liquefied Natural Gas (LNG) thanks to the full operation of the former Néstor Kirchner gas pipeline.

Last year the country had the largest surplus in the trade balance of the energy sector in the last 18 years: it was a positive result of 5,668 million dollars and it is expected that in 2025 this differential between exports and imports will grow to about US$8 billion. Between 2010 and 2023, Argentina had always been in deficit, with the exception of 2020 during the pandemic.

To sustain their investment plans, the oil companies They went out in recent months to seek financing in the local market of capital and take advantage of the liquidity in dollars that exists due to laundering.

In that sense, Pluspetrol is closing this week the placement of some US$ 1,000 million to finance its working capitalwhich will go mainly to the La Calera and Bajo del Choique shale oil fields, which it has just purchased from the American ExxonMobil. The issuance of Negotiable Obligations (ON) is for 3 and 5 years – with maturities in January 2028 and 2030 – and it is estimated that they will have interest rates of between 6.25% and 7.25% annually.

Recently OilTanking Ebytem (OTE) obtained 63.5 million dollars – out of an investment plan of US$ 580 million for infrastructure – with a term between 36 and 60 months, with rates of between 7% and 8% annual interest.

“The funds obtained will finance part of its ongoing expansion project, which includes the construction of six new tanks to expand storage capacity by 300,000 m3 (almost 1.9 million barrels or the equivalent of just under 3 days of the total oil production in Argentina today) and the construction of a new two-position dock,” the company reported.

“The Oiltanking expansion project represents a significant milestone in the development of the Puerto Rosales Storage Terminal, consolidating it as a key exit point for Argentine oil, especially that coming from Vaca Muerta, to international markets,” added OTE. .

Likewise, another giant in the sector such as Tecpetrol issued debt for US$400 million last week at an annual rate of 7.625%. The funds will allow it to allocate capital in Fortín de Piedra, its flagship shale gas project, and in Los Toldos II Este, an unconventional crude oil field that has not yet been approved by Techint’s global board of directors.

While the subscription of Tecpetrol’s debt was in progress, the Central Bank (BCRA) cut a “roll” that the banks made with the dollars of the Negotiable Obligations and established a 90-day parking “from the date of acquisition” of the title to sell it on the secondary market.

With Communication A8178, the Government sought that companies in the financial sector They will stop evading the dollar trap to take foreign currency abroad and arbitrate the difference between the MEP and the Cash With Settlement (CCL), which is currently 2%, as reported by the portal Financial Area.

In this way, Tecpetrol’s debt issuance became complicated, since the banks stopped seeing the operation as attractive, and Paolo Rocca’s oil company obtained between 100 and 300 million dollars less of those he was looking for and had to pay a higher interest rate than expected (7.625% versus 7.25%).