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Repsol sues YPF for offering Vaca Muerta to other oil companies

Published on Oct. 9, 2012

 
Repsol sues YPF for offering Vaca Muerta to other oil companies

The Commerce Court n. 1 in Madrid upheld the claim brought by Repsol against YPF due to unfair competition.

The case stems from YPF offering shale oil and gas reservoirs which Repsol found before they were expropriated. The offer includes Vaca Muerta, one of the biggest oilfields that would lead a third competitor to a privilege position in the oil and gas sector.

The company owned by Antonio Brufau reminds that the Unfair Competition Act forbids competitors to take benefit from an advantage gained through legal infraction - that means the expropriation.

In April Argentina expropriated 51% of YPF, which belonged entirely to Repsol (who owned at that moment 57.4% of the company).

In May YPF and the American miner Chevron signed a memorandum of understanding to "explore the opportunities of unconventional hydrocarbons" in Vaca Muerta. Meanwhile, Repsol will take legal action against this agreement.

It was in this same month, in May, that Repsol started the procedure to appeal to the International Centre for Settlement of Investment Disputes (ICSID) in order to get an economic compensation. Repsol has also lodged a complaint in New York and a issue of unconstitutionality in Argentina against Cristina Fernández's decision.

According to Repsol, their 57,4% share in YPF was worth 10,500 dollars before the expropriation, which was due to the Vaca Muerta discovery, Brufau said.

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