Seeking Alpha

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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