YPF military coup against Yrigoyen backed by, among others, foreign oil interests. YPF was privatized in 1993 and bought by the Spanish firm Repsol S.A. in 1999; the resulting merger produced 'Repsol YPF'. The renationalization of 51% of the firm was initiated in 2012 by President Cristina Fernández de Kirchner. The government of Argentina eventually agreed to pay $5 billion compensation to Repsol. The company, specializing in the exploration, production, refining and commercialization of petroleum, had its origin in 1907, when oil was discovered near the city of Comodoro Rivadavia in Chubut. Following World War I, oil had become an important
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