24. INVESTMENTS IN JOINT OPERATIONS
The Group participates in JO and other agreements that give to the Group a contractually established percentage over the rights of the assets and obligations that emerge from the contracts. Interest in such JO have been consolidated line by line on the basis of the mentioned interest over the assets, liabilities, income and expenses related to each contract. Interest in JO have been calculated based upon the latest available financial statements as of the end of each year, taking into consideration significant subsequent events and transactions as well as management information available.
The exploration and production JO and other agreements in which YPF participates allocate the hydrocarbon production to each partner based on the ownership interest; consequently, such hydrocarbons are commercialized directly by the partners recognizing each of them the corresponding economic effects.
The assets and liabilities as of December 31, 2017, 2016 and 2015, and expenses for the three fiscal years ended on December 31, 2017, 2016 and 2015 of the JO and other agreements are as follows:
| 2017 | 2016 | 2015 | ||||||||||
|
Noncurrent assets(1) |
66,887 | 63,145 | 47,322 | |||||||||
|
Current assets |
2,417 | 2,602 | 944 | |||||||||
|
|
|
|
|
|
|
|||||||
|
Total assets |
69,304 | 65,747 | 48,266 | |||||||||
|
|
|
|
|
|
|
|||||||
|
Noncurrent liabilities |
5,876 | 5,946 | 4,593 | |||||||||
|
Current liabilities |
5,524 | 6,293 | 6,391 | |||||||||
|
|
|
|
|
|
|
|||||||
|
Total liabilities |
11,400 | 12,239 | 10,984 | |||||||||
|
|
|
|
|
|
|
|||||||
| 2017 | 2016 | 2015 | ||||||||||
|
Production Cost |
24,471 | 21,624 | 12,959 | |||||||||
|
Exploration expenses |
767 | 849 | 395 | |||||||||
| (1) | It does not include charges for impairment of property, plant and equipment because they are recorded by the partners participating in the JO. |
As of December 31, 2017, the main exploration and production JO in which the Group participates are the following:
|
Name |
Location |
Participation |
Operator |
|||||
|
Acambuco |
Salta | 22.50% | Pan American Energy LLC | |||||
|
Aguada Pichana |
Neuquén | 27.27% | Total Austral S.A. | |||||
|
Aguaragüe |
Salta | 53.00% | Tecpetrol S.A. | |||||
|
CAM-2/A SUR |
Tierra del Fuego | 50.00% | Enap Sipetrol Argentina S.A. | |||||
|
Campamento Central / Cañadón Perdido |
Chubut | 50.00% | YPF | |||||
|
Consorcio CNQ 7/A |
La Pampa y Mendoza | 50.00% | Pluspetrol Energy S.A. | |||||
|
El Tordillo |
Chubut | 12.20% | Tecpetrol S.A. | |||||
|
La Tapera y Puesto Quiroga |
Chubut | 12.20% | Tecpetrol S.A. | |||||
|
Lindero Atravesado |
Neuquén | 37.50% | Pan American Energy LLC | |||||
|
Llancanelo |
Mendoza | 61.00% | YPF | |||||
|
Magallanes |
Santa Cruz, Tierra del Fuego y Plataforma Continental Nacional | 50.00% | Enap Sipetrol Argentina S.A. | |||||
|
Loma Campana |
Neuquén y Mendoza | 50.00% | YPF | |||||
|
Ramos |
Salta | 42.00% | Pluspetrol Energy S.A. | |||||
|
Rincón del Mangrullo |
Neuquén | 50.00% | YPF | |||||
|
San Roque |
Neuquén | 34.11% | Total Austral S.A. | |||||
|
Yacimiento La Ventana – Río Tunuyán |
Mendoza | 70.00% | YPF | |||||
|
Zampal Oeste |
Mendoza | 70.00% | YPF | |||||
|
Narambuena |
Neuquén | 50.00% | YPF | |||||
|
La Amarga Chica |
Neuquén | 50.00% | YPF | |||||
|
El Orejano |
Neuquén | 50.00% | YPF | |||||
|
Bajo del Toro |
Neuquén | 52.00% | YPF | |||||
|
Bandurria Sur |
Neuquén | 51.00% | YPF | |||||