SUPREME COURT DECISION ON OIL AND GAS SECTOR

摘要

On February 16, 2010, the Argentine Supreme Court ("CSJN") issued its opinion in the case "Provincia de Mendoza c/ Petroquimica Comodoro Rivadavia" (case No. M. 3092. XXXVIII). The decision comprises a number of issues relevant for the oil industry, such as: (ⅰ) the legal nature of royalties, (ⅱ) the statute of limitations to demand their payment, (ⅲ) the due diligence of the companies when interpreting the oil & gas concessions regulatory framework, (ⅳ) the joint and several liability of the members of a temporary joint venture ("UTE") within the framework of an assignment of the member's interest and (ⅴ) how Law No. 26,197 (the "Short Law") affects the interpretation of the current oil & gas concession regulations.