YPF, Chevron clinch deal for Vaca Muerta exploration

Source: Buenos Aires Herald

12.19.2012

The CEO of oil company YPF, Miguel Galuccio, announced a deal with US energy corporation Chevron to exploit the Vaca Muerta mega-fields of unconventional oil, located in the Neuquén province.

The agreement, signed in the city of Houston, was transmitted live via videoconference in Buenos Aires and included the terms and conditions necessary to a joint exploitation in the Loma La Lata II and Loma Campana areas, according to a press release.

However, Galuccio pointed out that the deal calls for the creation of a trial plan for the next 12 months, that describes the drilling of 100 wells in those two areas, with an initial investment of 1 billion dollars.

The head of YPF was also considering the signing of a “joint venture” with Chevron, in order to drill over 1000 wells, which would cost close to 15 billion dollars.

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