Our business has evolved over the nearly 100 years that we have been operating, commencing as a fuel oil and diesel transportation and commercialization company in 1920. We are now a leading independent oil and gas exploration and production company operating in Argentina, primarily in the Austral Basin.
A timeline of significant events in our history is shown below.
• Issued the first limited-recourse bond in Argentina to fund CAPEX plan.
• Operated with two drilling rigs for the whole year, drilling more wells in two years than in the last decade.
• Significant growth in production and reserves replacement, with an increase of more than 100% in natural gas.
• Increasing sales and EBITDA generation allowed the Company to significantly reduce its leverage ratio.
• Argentina resumed natural gas exports for the first time after approximately a decade, and CGC played a leading role in this milestone through exports from both Austral and Neuquina Basin to Chile.
• Operated with two drilling rigs during the second half of the year.
• Significant recovery in gas production, with a strong focus on non-conventional reservoirs.
• Entered into a syndicated loan with international and local banks to fund CAPEX plan for the year.
• Was awarded the concession for the Tapi Aike area in Santa Cruz, one of the biggest exploration areas in the province with successful track record in gas exploration.
• Signed two Farm Out Agreements with Echo Energy, a UK-based company, for the exploration of Tapi Aike and three other areas in the Austral Basin (CGC operates these JVs).
• Only producer outside Vaca Muerta to be granted the Incentive Program for “Investments in Production Developments of Unconventional Natural Gas”.
• CGC remained focused on internal growth, investing in our assets and preparing to take advantage of the new opportunities provided by economic reform and deregulation.
• Changed old manual drilling rig and moved to a new semi automatic rig.
• Issued its first 144A/Reg.S international bond to refinance its debt and improve profile along with funding our CAPEX plan.
• Acquired Petrobras Argentina’s upstream business in the Austral basin, significantly increasing natural gas production and reserves.
• First drilling campaign as a sole operator of all its assets in the Austral Basin.
• Returned to capital markets with the issuance of five local bonds and a syndicated loan with both local and international banks.
• Macri administration moved to liberalize prices in the oil and gas industry, and set in place deregulation and liberalization mechanisms with a view to ending government incentive and subsidy programs for oil and gas by the end of 2017.
Corporación América, a private holding with investments in the airport, agribusiness, energy, infrastructure, services and technology sectors across several countries, acquired 70% of CGC through Latin Exploration S.L.U., a Spanish holding company.
Emerged from financial reorganization.
Filed for reorganization, mainly due to the liabilities of our then controlling shareholder for which we had provided a guarantee.
• Modified our business strategy: sold our downstream business and began focusing exclusively on the upstream business.
• Acquired interests in leading gas transportation companies in Argentina and neighboring countries.
• Late 1990s encountered extreme financial difficulties.
• Acquired interests in oil and gas exploration and production areas throughout Argentina.
• Focused efforts on the exploration and production of crude oil, natural gas and its derivatives.
• Began operating in Argentina in 1920 as a fuel oil and diesel transportation and commercialization company.