Companies & Finance

BP relaxes its grip on Argentine oil and gas producer

BP is giving up control of the boardroom at Argentine giant Pan American Energy, and it could be a canny move by the supermajor BP is giving up control of the boardroom at Argentine giant Pan American Energy, and it could be a canny move by the supermajor.
By The Wildcat 21 September 2017 0 27663
A photo of gas installations in Argentina’s Neuquén province. Gas installations in Argentina’s Neuquén province. (Pan American Energy)

On the surface, BP’s recently announced Argentine merger does not look like a great deal. The supermajor gets no cash and will no longer call the shots at Argentina’s largest private oil and gas producer. But some think it is a smart move. 

“BP now has less influence in the boardroom, but more political clout in Buenos Aires,” a Buenos Aires-based lawyer at an energy-focused firm told Wildcat on Tuesday. 

BP will merge Pan American Energy (PAE) – of which it owns 60% – with local...