International

摘要

Chevron Corp. signed an agreement with Argentina's YPF to invest $1.24 billion in the Vaca Muerta shale oil and gas formation, thought to be one of the biggest reserves in the Western Hemisphere. It marks the first major investment in the petroleum sector since President Cristina Fernandez ordered the seizure of YPF from Repsol in May 2012, claiming the Spanish group had not invested enough in Argentina. Argentina wants to reverse a long decline in natural gas and oil output that has crippled its trade surplus. The two companies plan to drill 100 wells in a 5,000-acre area known as Loma La Lata Norte and Loma Campana in an initial development phase, said statements from YPF and Chevron. Chevron said Loma La Lata field produces more than 10,000 bopd. A second phase of development will require the drilling of 1,500 wells. Argentina will now allow oil companies to export, tax free, up to 20% of the crude and natural gas they produce in the country. A U.S. Department of Energy report indicates Argentina holds more natural gas trapped in shale rock than all of Europe: 774 Tcf, mostly in Vaca Muerta.