{"id":20,"date":"2019-01-18T16:44:54","date_gmt":"2019-01-18T16:44:54","guid":{"rendered":"http:\/\/somoscgc.energy\/eng\/?page_id=20"},"modified":"2022-04-20T18:00:24","modified_gmt":"2022-04-20T18:00:24","slug":"timeline","status":"publish","type":"page","link":"https:\/\/cgc.energy\/eng\/timeline\/","title":{"rendered":"Timeline"},"content":{"rendered":"\t\t
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TIMELINE<\/h2>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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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.\u00a0\u00a0\u00a0<\/p>

A timeline of significant events in our history is shown below.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t

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    2021<\/h4>\n\t\t\t\t\t\t
    Acquisition of Sinopec Argentina Exploration and Production, Inc. (the \u201cSubsidiary\u201d)<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t <\/div>\n\t\t\t<\/li>
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    2018<\/h4>\n\t\t\t\t\t\t

    \u2022 Issued the first limited-recourse bond in Argentina to fund CAPEX plan.<\/p>

    \u2022 Operated with two drilling rigs for the whole year, drilling more wells in two years than in the last decade.<\/p>

    \u2022 Significant growth in production and reserves replacement, with an increase of more than 100% in natural gas.<\/p>

    \u2022 Increasing sales and EBITDA generation allowed the Company to significantly reduce its leverage ratio.<\/p>

    \u2022 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.<\/p>

    \u00a0<\/p><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t <\/div>\n\t\t\t<\/li>

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    2017<\/h4>\n\t\t\t\t\t\t

    \u2022 Operated with two drilling rigs during the second half of the year.<\/p>

    \u2022 Significant recovery in gas production, with a strong focus on non-conventional reservoirs.<\/p>

    \u2022 Entered into a syndicated loan with international and local banks to fund CAPEX plan for the year.<\/p>

    \u2022 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.<\/p>

    \u2022 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).<\/p>

    \u2022 Only producer outside Vaca Muerta to be granted the Incentive Program for \u201cInvestments in Production Developments of Unconventional Natural Gas\u201d.<\/p><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t <\/div>\n\t\t\t<\/li>

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    2016<\/h4>\n\t\t\t\t\t\t

    \u2022 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.<\/p>

    \u2022 Changed old manual drilling rig and moved to a new semi automatic rig.<\/p>

    \u2022 Issued its first 144A\/Reg.S international bond to refinance its debt and improve profile along with funding our CAPEX plan.<\/p><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t <\/div>\n\t\t\t<\/li>

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    2015<\/h4>\n\t\t\t\t\t\t

    \u2022 Acquired Petrobras Argentina\u2019s upstream business in the Austral basin, significantly increasing natural gas production and reserves.<\/p>

    \u2022 First drilling campaign as a sole operator of all its assets in the Austral Basin.<\/p>

    \u2022 Returned to capital markets with the issuance of five local bonds and a syndicated loan with both local and international banks.<\/p>

    \u2022 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.<\/p><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t <\/div>\n\t\t\t<\/li>

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    2013<\/h4>\n\t\t\t\t\t\t

    Corporaci\u00f3n Am\u00e9rica, 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.<\/p><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t <\/div>\n\t\t\t<\/li>

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    2012<\/h4>\n\t\t\t\t\t\t

    Emerged from financial reorganization.<\/p><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t <\/div>\n\t\t\t<\/li>

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    2000s<\/h4>\n\t\t\t\t\t\t

    Filed for reorganization, mainly due to the liabilities of our then controlling shareholder for which we had provided a guarantee.<\/p><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t <\/div>\n\t\t\t<\/li>

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    1990s<\/h4>\n\t\t\t\t\t\t

    \u2022 Modified our business strategy: sold our downstream business and began focusing exclusively on the upstream business.<\/p>

    \u2022 Acquired interests in leading gas transportation companies in Argentina and neighboring countries.<\/p>

    \u2022 Late 1990s encountered extreme financial difficulties.<\/p><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t <\/div>\n\t\t\t<\/li>

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    1980s<\/h4>\n\t\t\t\t\t\t

    \u2022 Acquired interests in oil and gas exploration and production areas throughout Argentina.<\/p>

    \u2022 Focused efforts on the exploration and production of crude oil, natural gas and its derivatives.<\/p><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t <\/div>\n\t\t\t<\/li>

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    1920<\/h4>\n\t\t\t\t\t\t

    \u2022 Began operating in Argentina in 1920 as a fuel oil and diesel transportation and commercialization company.<\/span><\/p><\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t <\/div>\n\t\t\t<\/li><\/ul>\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

    TIMELINE 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.\u00a0\u00a0\u00a0 A timeline of significant events in […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_mi_skip_tracking":false},"_links":{"self":[{"href":"https:\/\/cgc.energy\/eng\/wp-json\/wp\/v2\/pages\/20"}],"collection":[{"href":"https:\/\/cgc.energy\/eng\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/cgc.energy\/eng\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/cgc.energy\/eng\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/cgc.energy\/eng\/wp-json\/wp\/v2\/comments?post=20"}],"version-history":[{"count":74,"href":"https:\/\/cgc.energy\/eng\/wp-json\/wp\/v2\/pages\/20\/revisions"}],"predecessor-version":[{"id":2067,"href":"https:\/\/cgc.energy\/eng\/wp-json\/wp\/v2\/pages\/20\/revisions\/2067"}],"wp:attachment":[{"href":"https:\/\/cgc.energy\/eng\/wp-json\/wp\/v2\/media?parent=20"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}