MercoPress, en Español

Montevideo, September 25th 2018 - 19:08 UTC

YPF tempting global oil industry heavyweights with ‘Vaca Muerta’ shale formation

Friday, August 31st 2012 - 04:08 UTC
Full article 18 comments
CEO Galuccio is meeting the US leading companies and also has plans in China CEO Galuccio is meeting the US leading companies and also has plans in China

Exxon-Mobil Corp. and Apache Corp. will hold talks with Argentina's YPF next month to discuss further investments in the country's Vaca Muerta shale formation, said a YPF official briefed on the matter.

YPF Chief Executive Officer Miguel Galuccio will meet with Exxon and Apache executives during a conference in Houston on Sept. 18-21, said the official. Exxon, which is already exploring for unconventional oil and gas with YPF in Argentina, doesn't comment on private meetings, said Patrick McGinn, an Exxon spokesman.

The talks would follow an Aug. 24 meeting in Buenos Aires between CEO Galuccio and Chevron Corp. of exploration and production for Africa and Latin America, Ali Moshiri.

Vaca Muerta is often considered to have “the greatest potential as an oil shale outside of North America” Roger Plank, chief corporate officer at Apache, said at an August 15 energy conference.

YPF is scheduled to unveil its contract model for three types of partnerships to develop Vaca Muerta. YPF needs financial and operational partners, Galuccio anticipated.

“September will be the month in which YPF will show its capacity to attract investors,” Francisco Perez, the governor of Mendoza province, said in an interview in Buenos Aires. Perez and Neuquen Governor Jorge Sapag said they will accompany Galuccio to Houston. The two provinces own YPF shares.

CEO Galuccio also has plans to travel to China later next month to meet with representatives of CNOOC Ltd. and China Petroleum & Chemical Corp., the YPF official said.

Vaca Muerta is Argentine Patagonia may contain at least 23 billion barrels. Galuccio described the formation as the “tip of the iceberg” for YPF oil projects. The company has already drilled 45 exploratory wells at the shale development.
 

Top Comments

Disclaimer & comment rules
  • Marcos Alejandro

    “Vaca Muerta is often considered to have “the greatest potential as an oil shale outside of North America” Roger Plank, chief corporate officer at Apache, said at an August 15 energy conference”

    Great news! and how is the oil exploitation doing in Malvinas?
    Lest ask a British investor...

    “Is it worth Investing in the Falklands”

    “Makes me wonder if its a waste of time investing in the Falklands. The Formula works out for shares in the Falklands so far as follows.

    Company :- fails to find oil loses 90% of share price
    Company :- Finds oil share price increase 100% then drops some 50% over time. finds more oil recovers 30% manages to get a farm in partner, price drops 50% and keeps droping.

    This is a good way to lose money at this rate Falklands will be pumping oil at a loss to its share holders. A company with oil in the ground should be like money in a Swiss bank account, yet Rockhopper is losing its value at over 2% a day. It will be taken over for peanuts at this rate. I can see it go down to £1.25p by the end of the year. If FOGL finds oil it may recover a touch, heaven help RKH if it doesn't ”

    Today the daily drop RKH171.25 -3.50 (-2%)

    Aug 31st, 2012 - 04:45 am 0
  • Joe Bloggs

    1 Mike

    LOL! That's right. Nothing to see down here folks. We're in a mess and Argentina is going great guns. Move on folks, nothing to see!

    Chuckle chuckle.

    You deadbeats (I know you're reading this Think) can talk down our oil prospects all you like but it won't change what is already in the ground waiting to come out. Good or bad.

    Let's wait and see shall we?

    Chuckle chuckle.

    Aug 31st, 2012 - 04:53 am 0
  • Marcos Alejandro

    2 Joe Bloggs
    Mike?
    The best way to convince a fool that he is wrong is to let him have his own way.
    Chuckle chuckle™

    Aug 31st, 2012 - 05:24 am 0
Read all comments

Commenting for this story is now closed.
If you have a Facebook account, become a fan and comment on our Facebook Page!