Nationalization of oil supplies In April 2010, Argentina's president Cristina Fernández de Kirchner introduced a bill on April 16, 2012, for the expropriation of YPF, the nation's largest energy firm. The state would purchase a 51% share, with the national government controlling 51% of this package and ten provincial governments receiving the remaining 49%. Investment in exploration at YPF as a percentage of profits had been far below those in most other Repsol subsidiaries, and declines in output at the firm represented 54% of the nation's lost oil production and 97% in the case of natural gas. Market analysts and Repsol blamed the decline
Repsol gas exploration and production activity is Repsol's main growth driver. Repsol has become a world leader in exploration, with over 40 finds since 2008. To guarantee this activity in the long term, in 2013 Repsol incorporated 65 exploration blocks, mainly in the United States (44 blocks) and Norway (6 blocks), into its mining holdings. The 2013 net production reached 346,000 barrels of oil equivalent per day, up pm of 4% compared to 2012. Downstream activity involves the supply and trading of crude and products, oil refining, petroleum product marketing (Marketing), distribution and marketing of Liquefied Petroleum Gas (LPG), production and