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 of the massive Vaca Muerta shale-gas field. The board of the Repsol firm unanimously rejected this offer, as it would have caused them to drop a $10.5 billion lawsuit that was in progress against the Argentine government. Repsol at the time owned 6.4% of the YPF oil-and-gas company. On 25 February 2014 the Repsol board announced it had accepted a settlement offer from the Argentine government of an issue of Argentine bonds valued at $5 billion. The deal concluded after 3 months of negotiations in Buenos Aires was subject to shareholder approval. The agreement ended two years of legal wrangling