Exploration & Production | Deals - Joint Ventures | Top Story
Chevron, YPF to Invest $1.24B, Drill 100 Wells in Vaca Muerta
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A subsidiary of Chevron Corporation has signed an agreement with affiliates of the Argentine oil company YPF S.A. that furthers the development of shale oil and gas resources from the Vaca Muerta formation located in the Neuquén province.
The agreement calls for initial outlays of approximately $1.24 billion to enable the first phase of development in the Loma La Lata Norte and Loma Campaña areas. The initial program will include the drilling of 100 wells in a 5,000-acre tract, part of a 96,000-acre concession.
George Kirkland, vice chairman of Chevron Corporation, commented: "This strategic investment will allow Chevron to take part in the Vaca Muerta, one of the most exciting shale oil and gas plays in the world today. It provides Chevron with a new opportunity to profitably grow…
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