YPF, Petronas move toward Vaca Muerta exploration deal

YPF (YPF +0.6%) says it signed a letter of intent with a subsidiary of Malaysia state energy company Petronas to work toward an investment and exploration agreement in Argentina's Vaca Muerta shale oil and gas fields.

YPF and Petronas plan to negotiate development of a 187 sq. km area of the Vaca Muerta formation known as La Amarga Chica; no financial details were announced.

YPF's oil and gas concessions cover ~40% of Vaca Muerta, which spreads across the provinces of Neuquen and Mendoza in southern Argentina; Chevron is funding most of a $1.5B joint venture with YPF to develop the formation.

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