Enarsa Enarsa ENARSA, in full Energía Argentina Sociedad Anónima, is a state owned company in Argentina. It is engaged in for the exploitation of petroleum and natural gas, and the production, industrialization, transport and trade of these and of electricity. Enarsa was founded on December 29, 2004, by an initiative of President Néstor Kirchner. The initiative had the political goal of reinserting the state in an oligopolic market that was completely privatized during the Menem administration in the 1990s; these privatizations included the state oil firm YPF to the Spanish corporation Repsol, as well as its sister company, "Gas del Estado",
YPF Investment in exploration at YPF as a percentage of profits had been far below those in most other Repsol subsidiaries. Market analysts and Repsol blamed the decline in exploration and production on government controls on exports and prospecting lease awards, and price controls on domestic oil and gas. Political risks and government intervention, including price controls, have discouraged foreign investment in oil production in Latin America in general. President Cristina Fernández de Kirchner raised YPF frequently in speeches during March 2012, claiming that underinvestment and excessive dividends at the firm had caused declines in output. Governors in six fossil-fuel producing