Gas prices, tax woes stall Argentine upstream outlays

Oil and gas industry executives in Argentina have warned of a shortfall in the country's natural gas supply-demand balance if wellhead prices don't recover soon.They suggested that some tax relief is needed to alleviate the effects of last year's wellhead gas price collapse. Last year, following a sharp devaluation of the Argentine peso against the US dollar amid a deepening recession, Argentine wellhead gas prices plummeted to a record low annual average of 40¢/ MMbtu vs. an average of $1.20/MMbtu in 2001.Together with a new 20% tax on crude oil exports, the gas wellhead price collapse has withered upstream oil and gas investment in the country (OGJ Online, Aug. 27, 2003...

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