Chevron, YPF to invest $1.6B in Argentina shale wells

|About: Chevron Corporation (CVX)|By:, SA News Editor

Chevron (CVX -1.8%) signs a deal with YPF (YPF -1.2%) to invest $1.6B this year to continue development of Argentina’s Vaca Muerta shale formation and become the country’s largest foreign producer of shale oil and natural gas.

Chevron says it will build off the progress of its 2013 drilling program with YPF, investing in drilling 170 wells in the 96K-acre Loma Campana concession.

The joint venture partners are targeting eventual daily output of 50K barrels of shale oil and 3M cubic meters of shale gas by drilling 1,500 wells.