• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 15 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 13 hours Could Someone Give Me Insights on the Future of Renewable Energy?
  • 14 hours The United States produced more crude oil than any nation, at any time.
  • 14 hours How Far Have We Really Gotten With Alternative Energy
  • 13 hours "What’s In Store For Europe In 2023?" By the CIA (aka RFE/RL as a ruse to deceive readers)
  • 1 day Bankruptcy in the Industry
Small Banks Significantly Boost Loans to Oil And Gas Firms

Small Banks Significantly Boost Loans to Oil And Gas Firms

Regional banks BOK Financial, Citizens…

Aluminum Prices Chase 2023 Highs

Aluminum Prices Chase 2023 Highs

Aluminum prices continue to rally,…

Chevron Signs Deal to Help YPF Develop the Vaca Muerta Shale Formation

Miguel Galuccio, the president of YPF, and Ali Moshiri, Chevron’s Latin America and Africa chief have just signed a letter of intent to begin work on the development of a huge shale project in the Vaca Muerta area of Argentine Patagonia.

The Vaca Muerta shale formation is believed to hold the third largest shale resources in the world.

The deal will begin with more than 100 wells being drilled in the first year, an effort that YPF hopes will massively boost production in order to meet Argentina’s growing energy demands in the future.

The initial cost of the project will be around $1 billion, but it has been estimated that $15 billion may be needed to develop the entire Vaca Muerta formation.

Related Article: Chevron Waits for Romanian Vote to Decide Shale Fate

Argentina has always known that it requires huge amounts of foreign investment in order to develop the play, but until now major oil companies have avoided the country. Mainly due to the government’s clumsy dealings in the market, such as the seizure of YPF from the Spanish company Repsol, and also partly due to the fact that Repsol promised to sue any company that partnered up with YPF.

Repsol has stuck to its guns and filed a case against Chevron earlier this month in New York to try and prevent it from developing Argentine assets with YPF.

It has been stated that the deal between Chevron and YPF will not be affected by the embargo that an Argentine judge placed on all Chevron’s assets as part of the Ecuadorean court case.

ADVERTISEMENT

By. Joao Peixe of Oilprice.com



Join the discussion | Back to homepage



Leave a comment

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News