Energía Argentina
| Company type | Government-owned corporation |
|---|---|
| Industry | Petroleum, natural gas, electrical energy |
| Founded | December 29, 2004 |
| Founder | Government of Argentina |
| Headquarters | Buenos Aires , Argentina |
Area served | Argentina |
Key people | Exequiel Espinoza (former president of the board), Jorge Haiek (board member), Julio de Vido (Federal Planning Minister) |
| Products | Extraction, production, transportation, and commercialization of petroleum, natural gas, and electrical energy; drilling operations and well maintenance services |
| Owner | Argentine national government (53%), provincial authorities (12%), public shareholders (35%) |
| Parent | Government of Argentina |
Energía Argentina Sociedad Anónima, abbreviated as ENARSA, is an Argentine government-owned enterprise involved in the extraction, production, transportation, and commercialization of petroleum, natural gas, and electrical energy.
History
Established on December 29, 2004, under the administration of President Néstor Kirchner, Enarsa was founded to reinstate the state's role within the energy industry following widespread privatizations during the 1990s, which included the transfer of YPF to Repsol and Gas del Estado to international corporations. The company's creation was a direct response to the 2004 energy crisis in Argentina, which stemmed from insufficient investments by private fossil fuel companies and government-imposed natural gas price controls amid escalating fuel expenses after the peso's devaluation during the economic turmoil.
Operations
Enarsa holds exclusive authority over the oversight and exploitation of offshore hydrocarbon resources on Argentina's maritime continental shelf. Ownership is distributed with 53% held by the national government, 12% by provincial authorities, and the remaining 35% publicly available on the Buenos Aires Stock Exchange. Although possessing significant strategic assets, Enarsa contributes marginally to oil production, accounting for only 0.12% of national output, and required subsidies amounting to US$1.5 billion in 2011.
The company’s principal activities include:
- Exploration, development, and extraction of oil and natural gas reserves;
- Distribution and transportation of petroleum products and natural gas;
- Collection, processing, treatment of gas, alongside electricity generation;
- Provision of drilling operations and well maintenance services.
Prospects
In April 2005, Exequiel Espinoza, then president of Enarsa’s board, announced plans for collaborative offshore exploration ventures with regional state-owned oil entities such as Venezuela’s PDVSA, Uruguay’s ANCAP, Paraguay’s Petropar, Chile’s ENAP, and potentially Ecuador’s Petroecuador. Espinoza also mentioned ongoing negotiations with companies from China and Russia.
Board member Jorge Haiek proposed suspending oil exports to maintain a strategic reserve while stressing the importance of replacing liquid fuels with natural gas until alternative energy sources become viable. Argentina ranks first worldwide in natural gas vehicle usage, positioning Enarsa to prioritize exploration and exploitation of natural gas—especially onshore—to mitigate the 2004 crisis triggered by gas shortages amid a doubling of domestic demand over twelve years.
Federal Planning Minister Julio de Vido disclosed intentions to establish a supranational energy corporation encompassing Venezuela, Bolivia, and Argentina. PDVSA invests in Enarsa and offers technical assistance. Collaborative projects with PDVSA culminated in a 2008 discovery estimated at up to three billion barrels within Venezuela’s Orinoco River basin. Enarsa stands to receive 40% of revenues from this find, potentially matching YPF’s income levels and reinforcing public sector influence within Argentina’s energy sector.