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YPF (Yacimientos Petroliferos Fiscales), the former Argentinian State-owned oil company Repsol bought in the '90s, makes up about 50% of Repsol production. So it would be pretty bad.
Having said that we have plenty of people who migrated down there during the boom period and come back once a year or so to visit their relatives and they say this move is the result of the mismanagement of ENARSA (a State/private oil company with exclusive rights on offshore drilling), which is the Kirchner's family plaything. By combining faltering ENARSA operations with successful YPF operations they will create a complete domestic monopoly and hope to make good for previous mismanagement.
Having said that it's a typical case of Banana Republic politics: Argentina already promised PDVSA (Venezuela) to open up the domestic market to them in return for shale sands technology. By p***ing Chavez off they would lose one of the few remaining friends they have.
 
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