YPF, Chevron discuss potential Vaca Muerta deal
YPF, Chevron discuss potential Vaca Muerta deal
AS/COA's Buenos Aires conference guest speakers Miguel Galuccio, chairman and CEO of YPF S.A., and Ali Moshiri, president of Latin American and African operations at Chevron Corp. discuss a potential strategic accord to develop oil and gas reserves in southwestern Argentina.
The CEO of Argentine oil company YPF and the head of Latin American and African operations for Chevron Corp. met here Friday to discuss a potential agreement to develop the massive Vaca Muerta shale oil and gas formation.
Miguel Galuccio and Ali Moshiri discussed the "possibility of a strategic accord" to develop those reserves in southwestern Argentina, according to a press release issued by YPF, now state-controlled after the Argentine government expropriated a 51 percent stake in the firm from Spain's Repsol earlier this year.
During the meeting, Chevron's Moshiri expressed interest in partnering with YPF in developing the 30,000-sq.-kilometer (11,580-sq.-mile) Vaca Muerta formation, the world's third-largest unconventional oil and gas reserve.
According to U.S.-based auditor Ryder Scott, Vaca Muerta holds 22.8 billion barrels of oil equivalent.
"Chevron is very interested in coordinating joint projects and we want partners with the heft and experience of a company of this global stature," Galuccio said.
Both executives attended the meeting of the Council of the Americas on Thursday in Buenos Aires, where Galuccio stressed YPF's need for investors and predicted that Vaca Muerta was "the tip of the iceberg" in terms of Argentina's non-conventional hydrocarbon potential....
