Echo Energy announced a reserve base of 3.8 mn barrels of oil equivalent

Echo Energy PLC has told investors it is looking positively to advance value creation opportunities, as it remains “well-positioned”. In its financial results statement for the twelve months ended December 31, 2019, the company confirmed a stronger end to the year, with net production averaging 2,505 barrels oil equivalent per day in the months of November and December. A review of reserves at the end of 2019 confirmed a reserve base of 3.8mln barrels oil equivalent.

Poverty in Argentina will increase to 45% of population due to Covid-19

The percentage of Argentines in poverty is expected to reach as high as 45% this year as the COVID-19 pandemic worsens an already grave economic crisis. The twin crises are presenting a grueling challenge to President Alberto Fernández. Even before the first case of coronavirus was diagnosed, Argentina was facing 50% inflation, overwhelming debt and difficulty accessing credit in what economists call its worst crisis in two decades.

Scania powers its Argentinian operations with 100% renewable energy

Scania Argentina, subsidiary of the Swedish auto manufacturer, has announced it is now powered by 100% renewable energy. The company said since April, six wind turbines located in a wind farm in Cordoba, has provided the company with the 22,400MW needed every year for its industrial and commercial operations. By switching to 100% renewable energy, Scania Argentina’s factory and its entire dealership network in the country are now avoiding the emission of some 14,600 tonnes of carbon dioxide into the atmosphere.

YPF sells $100 million in bonds, four times more than expected

The Argentine oil company YPF sold $100 million in bonds, four times more than expected. The initial amount was $25 million but the demand registered allowed the company to increase the amount to $100 million. The placement of these bonds comes at a time when large companies are trying to take advantage of abundant market liquidity through instruments adjusted for the evolution of the dollar.