Argentine state oil company YPF stated it posted a net loss of 1.165 billion dollars in the second quarter of the year, its worst quarterly loss on record, due to the negative impact of the coronavirus pandemic

The report published by the IAE highlights that the oil output of the basins in Argentina grew 3.2% in March, compared to the same month last year, and accumulated a 3.7% increase in the last 12 months

YPF’s Board of Directors appointed Sergio Affronti as its new CEO, a businessman from the province of Mendoza that counts with a 27-yr career in the national and global industry of hydrocarbons

The preventive and compulsory social isolation ordered by the national government had an immediate effect on fuel demand, and oil and petrol stations registered an initial drop in sales of up to 85% across the country

The figure represents a decrease of 20% compared to the previous year, due to the inconveniences that the state oil company and the sector faced during the past year

The government authorized YPF to transfer 50% of an offshore exploration licence to the Norwegian firm Equinor, with the Resolution 55/2020 of the Energy Secretariat published in the Official Gazette