Chevron Extends Deal With Argentina to Drill In Vaca Muerta Shale Oil, Natural Gas Field

摘要

Argentina's state-run energy company, YPF S.A., and the U.S. Chevron Corp. April 10 said they have reached an agreement to extend a joint venture to develop the giant Vaca Muerta shale oil and natural gas fields in southern Argentina. Chevron in July signed an initial deal with YPF committing to disburse $1.24 billion to drill 161 wells on a pilot 20 square kilometer (7.7 square mile) area. Now that the initial phase ended successfully, the two partners will follow up with a combined total of $1.6 billion-plus to drill an additional 170 wells this year, YPF said in a statement. Chevron confirmed the deal in an announcement made by its San Ramon, Calif., headquarters.