Argentina's recently nationalized oil and gas producer YPF SA and the US Chevron Corporation have signed a memorandum of understanding to explore for unconventional energy in Vaca Muerta, in the Patagonian province of Neuquen.
Argentina’s recently nationalized oil and gas corporation YPF announced non conventional oil was discovered in five new wells drilled in the Patagonian provinces of Chubut and Neuquen and anticipated that fuel prices in the country will continue to gradually increase to eliminate the gap with competition.
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.
Argentina’s nationalized oil and gas company YPF and the head of Latin American and African operations for Chevron Corp. are discussing a potential agreement to develop the massive Vaca Muerta shale oil and gas formation in the Patagonian province of Neuquén.
Federal Planning Minister Julio de Vido announced that several members of the Argentine Government would be flying to China in September in order to close several cooperation agreements between Chinese oil companies and YPF, intended to deepen the bilateral relations.
Argentine President Cristina Fernandez made the historic decision to nationalize oil and gas company YPF at “the right moment” because Repsol was “milking dry” YPF resources and reserves, said Planning Minister Julio De Vido and Deputy Economy minister Axel Kicillof at a press conference at the Economy ministry in Buenos Aires.
Argentina's seizure of 51% of the shares of Spanish oil group Repsol's YPF unit could scare away international firms from investing in the, the International Energy Agency said on Friday.
Argentine Vice President Amado Boudou on Tuesday urged US companies to invest in YPF, the nationalized oil company that Argentina recently expropriated from Spain's Repsol.
Spain-based energy group Repsol has sent letters to oil majors including Exxon-Mobil, Chevron and Conoco-Phillips warning it would sue them if they try to invest in YPF or its assets, reports the British newspaper The Financial Times.
The Argentine government has made the decision to take control of leading energy company YPF and is discussing whether to renationalize it or intervene in its administration, a newspaper reported on Saturday.