Cash payment extends Argentine field rights

The government has extended Repsol-YPF SA's concession on giant Loma de la Lata field to 2027 from the original expiry in 2017 in exchange for $300 million in cash in three payments over the next 2 years, Treasury Secretary Mario Vicens said.The agreement sets a precedent for future negotiations, said Vicens, who said that other postponements are being considered. Collecting cash in advance to extend a concession is a major policy switch, because under current regulations concession-holders can opt for a free, automatic extension unless they have failed to carry out required investments or environment protection measures.As well as the national fee, Neuquen Province-which under consti...

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