Since the liberalizing of rules governing foreign participation in Argentine oil and gas, the benefits realized from new sources of investment and technology have been substantial and have been responsible for reversing years of declining oil production in Argentina. During 1994, YPF ranked 37th and 50th respectively, in terms of the world's crude oil producing companies and refining companies. However, despite its size, the privatization of YPF represents one of the most significant and successful of all Latin American state-oil company privatizations. An influx of private investment largely accounts for the turnaround in Argentine petroleum. Foreign companies were involved in Argentina's petroleum industry for several years prior to privatization.
Privatization is responsible for more recent foreign ventures.
In 1993, YPF announced that it would modernize its flagship La Plata refinery with technical assistance from Chevron. Drilling companies from the United States entered Argentina with Pride Petroleum Services' 1996 purchase of Argentina's largest drilling and workover rig company, Quitral-Co. In addition to encouraging foreign direct investment, privatization also may be responsible for a more outward-looking Argentine oil industry. YPF entered the ranks of major multinational oil companies with its acquisition of Maxus Petroleum in 1994. Maxus, a U.S. independent crude oil exploration and production company, has operations in Asia and the United States, in addition to Bolivia, Colombia, Ecuador, and Venezuela.