President Petroleum distances itself from YPF

AIM-listed oil and gas group President Petroleum has said it notes the recent events relating to YPF in Argentina, and remains 'fully committed' to operating in the country.

"President and its partner continue in the normal professional way to work constructively with the Salta Province in relation to the expeditious developing of their hydrocarbon assets in the region," the firm said.

Argentina has recently forced oil firm YPF to become nationalised, seizing a 51% controlling stake in the company. Repsol had previously owned a majority stake of 57.4% and is now seeking $10.5bn in compensation.

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Argentinian authorities have said YPF invested too little to raise oil field output in the country, something the company has denied.

Earlier today Spain has threatened to retaliate over the nationalisation, indicating the increased possibility of a trade war between the two counties.

NR