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YPF Signs MOU With Petronas to Develop Shale Oil in Vaca Muerta

YPF SA and Petroliam Nasional Bhd., state-controlled companies from Argentina and Malaysia, said they signed a memorandum of understanding to jointly develop shale oil at the world’s fourth-largest deposit in Vaca Muerta.

Miguel Galuccio and Shamsul Azhar Abbas, chief executive officers for YPF and Petronas, respectively, signed the preliminary deal to develop a 187-square kilometer area (72 square miles) at YPF’s Buenos Aires headquarters today, the Argentine producer said in an e-mailed statement. Technicians from both companies will meet to study the agreement’s feasibility and later could negotiate a possible development accord, YPF said.