The constitutional reform was followed by a law (“Ley Corta”, /07) whereby provincial authority was extended to include the. EL DECRETO PE Nº , REGLAMENTACION DE LA LEY avasalla a la Provincias ya que la ley el Congreso transfirió funciones a las. Known as the Short Law, Law 26, effected the transfer. 22 J. Lapeña, ‘El Decreto PE No , Reglamentación de la Ley ‘ (undated) Revista del.
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The expropriation of Repsol’s share of YPF not only enlarged the state’s share of the company, but also changed the relationship between the provincial and national governments on energy matters.
Royalties, taxes and permitting authority are at stake.
New hydrocarbons law in Argentina
These legal changes, however, did not cede legal jurisdiction to the provinces, which remains in the hands of the nation. Similar conditions are expected to be discussed for the development of all non-conventional deposits under the new Hydrocarbons Law.
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EL DECRETO PE Nº , REGLAMENTACION DE LA LEY
While the new legislative framework seeks to create more predictable conditions to attract foreign investment, many key issues will lley unresolved, including domestic prices, export taxes, and repatriation of profits. Edited by Callum O’Reilly.
This content is available to members only. The expropriation increased the state’s share in the company, and the deal with Chevron, carried out via presidential decree, reasserted the national government’s authority on energy deals over that of the provincial governments.
One of the consequences of the decentralisation of energy regulation has been the creation of state-owned enterprises at the provincial level.
A new Hydrocarbons Law currently in the works seeks to further tip the balance between the two levels ely government in favour of the federal government and a ly centralised modality of policy-making. Other provinces have followed suit: Overall, the new law seeks to replace the collage of provincial systems with a nation-wide arrangement that would prove attractive to investors and yield more control and revenue to the national government.
The reform of the Constitution of recognised the property of subsoil hydrocarbon resources as belonging to the provinces where they are located Art.
Argentina: new hydrocarbons law | Energy Global
Key issues unresolved While the new legislative framework seeks to create more predictable conditions to attract foreign investment, many key issues will remain unresolved, including domestic prices, export taxes, and repatriation of profits.
Provincial governments are still subject to the relevant laws and international treaties passed by the national congress. While this was seen as an about face by many domestic observers, both events are in line with the government’s objective of reaffirming the state’s role in energy policy and its own control over resources.
No money has yet exchanged hands, either in payment for lfy shares to the national government or in dividends to the provinces, but the partnership has effectively sealed the fates of the provincial and national governments on future oil deals.