BUENOS AIRES Jan 29 Argentina's YPF
said on Wednesday it has advanced in talks with Malaysia's state
oil company Petronas toward an investment deal to develop the
Vaca Muerta shale oil and gas field in Patagonia.
"We have advanced toward a future deal," YPF chief Miguel
Galuccio told Reuters by e-mail from Malaysia, where he met with
his Petronas counterpart.
It was the second meeting between Galuccio and Petronas
President Tan Sri Dato'Shamsul Azhar as the two companies try to
reach a Vaca Muerta deal.
YPF estimates the onshore Vaca Muerta deposit contains 661
billion barrels of oil and 1,181 trillion cubic feet of natural
gas, making it one of the biggest shale reserves in the western
Despite Vaca Muerta's potential, only Dow Chemical Co
and U.S. oil company Chevron Corp have agreed so
far to invest in the project.