Argentina Default May Hamper YPF's Shale Plans

摘要

Argentina's recent debt default--its second in 13 years--will probably not have any immediate impact on the country's oil sector. However, it is likely to complicate efforts by state-controlled YPF to obtain the financing it needs to develop Argentina's promising Vaca Muerta shale play. The default came after the collapse of lastminute negotiations between Argentina and a group of investors holding bonds on which Argentina defaulted in 2001. That group, led by New York hedge fund NML Capital, obtained a US federal court ruling in 2012 barring Argentina from making payments to other holders of its debt unless the group's bonds were repaid in full.