Chevron to Invest $1.6 Billion With YPF in Argentina Shale Wells
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Chevron Corp., the world’s third-largest oil company, signed an accord with Argentina’s YPF SA to invest $1.6 billion this year in shale development and become the country’s largest foreign producer of shale oil and natural gas.
Chevron and state-run YPF plan to drill 170 wells in a 96,000-acre area this year in Argentina’s Vaca Muerta formation, the world’s second-largest shale gas deposit and fourth-largest shale oil reservoir, both companies said today in separate statements.