According to reports in the Argentine media, the nationalized Argentine oil company YPF, formerly owned by Spain's Repsol, will be teaming up with Venezuelan oil giant PDVSA to explore the continental shelf around the Falkland/Malvinas Islands for oil.
Venezuela’s government oil corporation, PDVSA, in considering with Argentina’s YPF exploring for oil and gas in the area next to Falkland/Malvinas waters, revealed the president of the corporation and Minister of Petroleum and Mining.
After attending the Mercosur extraordinary meeting in Brasilia, President Cristina Fernández and her Venezuelan counterpart, Hugo Chávez, signed a cooperation agreement to develop a strategic energy plan between state oil companies YPF and PDVSA.
Venezuelan president Hugo Chavez announced he expected to sign an oil/gas alliance between Argentina’s YPF and PDVSA (Venezuelan Petroleum) when he meets with his peer Cristina Fernandez in Brasilia in the framework of the Mercosur extraordinary summit to officially incorporate the country as full member of the trade group.