Chevron, Argentina's YPF sign $1.24 bln Vaca Muerta shale deal

BUENOS AIRES, July 16 Tue Jul 16, 2013 5:41pm EDT

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BUENOS AIRES, July 16 (Reuters) - U.S. oil company Chevron signed an agreement with Argentina's YPF on Tuesday 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, according to a statement from YPF.

It is the first major investment announced in Argentina's petroleum sector since President Cristina Fernandez ordered the seizure of YPF from Spain's Repsol in 2012.

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