BP CFO: "Very Comfortable" With Argentina Investments
First Published Tuesday, 1st May 2012 02:23 pm - © 2012 Dow Jones
LONDON -(Dow Jones)- BP PLC (BP.LN) is "very comfortable" with its position in Argentina where it controls a majority stake in Pan American Energy LLC and isn't concerned that the recent nationalization of Repsol SA's (REP.MC) stake in YPF SA (YPF) threatens the U.K. energy giant's interests in the South American country.
"We're very comfortable with our position in Argentina, we have a long track-record of investing in Argentina, and historically we have aligned ourself with Argentina's long-term interests," said BP Chief Financial Officer Brian Gilvary, who was speaking to analysts.
"I would also reiterate that Pan American Energy is a U.S. registered company," said Gilvary, who added that PAE hasn't revised its plans to drill five new wells in Argentina this year.
Repsol had been the majority owner of the Repsol YPF business alliance until the Argentine government decided last month to nationalize the company. When President Cristina Kirchner announced April 16 that Argentina would nationalize Repsol YPF, she said the decision was prompted by Repsol's lack of investment in YPF.