They relax the stocks to the dollar to gas and oil producers – News

The Government published the decree that eases the dollar stocks for oil and gas producing companies that invest in the country.

The measure will enter into force in 30 days and responds to the announcement made days ago by President Alberto Fernández and the Minister of Economy, Martín Guzmán, on the regime of Access to Foreign Exchange for Incremental Production of Hydrocarbons.

The initiative aims to encourage investment and increase the production of the sector in Argentina.

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Decree 277/2022 determined the creation of a Foreign Exchange Access Regime for Incremental Oil Production (RADPIP); a Foreign Exchange Access Regime for the Incremental Production of Natural Gas (RADPIGN); and a Regime for the Promotion of Employment, Work and the Development of Regional and National Suppliers of the Hydrocarbon Industry (RPEPNIH).

While the global energy crisis is intensifying, at the Casa Rosada they considered that the hydrocarbon industry should have a relaxation of exchange restrictions to drive investments, although the proposal that was made known did not go down well with the private sector, since it only allows free disposition of the dollars generated by the 30% incremental production of gas and 20% of oil, in relation to the volume produced in 2021.

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“Given the need to generate more foreign currency and more investment, we are going to create a differential access to foreign currency for the incremental production of hydrocarbons, which will materialize with a presidential decree. It aims to reduce limitations and bottlenecks in the sector by allowing companies to access the necessary foreign exchange to guarantee special equipment to obtain incremental production.so that elements needed to produce more foreign currency can be counted on,” Guzmán had pointed out.

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It should be noted that the standard defines incremental production (injection) of oil (natural gas) as the difference between the effective production of the last 12 months and the Baseline defined as the volume obtained by each company in 2021.

It is also established as Benefited Incremental Production Volume (VPIB) and Benefited Incremental Injection Volume (VIIB) at 20% of the incremental production of crude oil and 30% of the incremental production of natural gas that each beneficiary has obtained.

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