Call for full output in oil, gas fields

Buenos Aires: Argentina will demand that oil companies in the country operate oil and gas fields at full output, state news agency Telam said on Saturday, a day after the government cut $461 million (Dh1.7 billion) in annual tax breaks for big fuel firms amid wider austerity.

President Cristina Fernandez' government blames private sector oil companies for the country's waning crude production.

Latin America's No 3 economy is increasingly dependent on energy imports to meet demand for natural gas and oil, which has surged since 2003, rebounding from a deep economic crisis.

"They should reach full output at gas and oil fields," Telam cited Planning Minister Julio De Vido as saying. Argentina is preparing for a challenging year as Europe's debt crisis worsens.