Argentina Says Russian Driller ERIELL Plans Local Operations

Reuters

BUENOS AIRES, May 18 (Reuters) - The Argentine government said on Monday that ERIELL, an oilfield service group majority owned by Russia's Gazprombank, had declared its intention to establish drilling operations in the South American country this year.

Argentina sits atop some of the world's biggest shale oil and gas resources but years of under-investment in the energy sector have made the country a net energy importer.

A statement released by the Argentine industry ministry said ERIELL's vice president Zemfira Djemilava met Industry Minister Debora Giorgi in Buenos Aires and would later hold discussions with YPF, Pan American Energy and Pluspetrol.

Representatives of ERIELL were not immediately available for comment.

President Cristina Fernandez's heavy-handed trade and currency controls have scared companies out of making anything but foothold investments in what is viewed as one of the biggest shale reserves in the Western Hemisphere.

(Reporting by Eliana Raszewski; Writing by Richard Lough; Editing by David Gregorio)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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vlad | May. 25, 2015
ERIELL is 46% owned not by Gazprom, but by Gazprombank. It is a very small drilling co., with no shale experience. Not a great help for Argentina.....

chad dust | May. 19, 2015
Just as an aside....news like this, the relationship of ERIELL (Gazprom} to YPF (and others) illustrates the delusional pettiness of American commercial relationships overseas. Im speaking of Hedge Funds NML, Aurelius; and their use of American courts to actually sabotage the Argentine economy; over a bond debt that was resolved in negotiations with 93% of the bondholders, much to the hedge funds dissatisfaction. Unfortunately, the lesson for the world is that while Russia and Argentina are real players in global commerce, United States banks, businesses and courts are comfortable with Monopoly and Risk games, which sober countries dont take as seriously. Probably, organizations like the Asian International Investment Bank (AIIB) wont even try to rewrite the rules, like the hedge funds do under cover of Law....We have a problem.


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