November 29, 2013 / 4:40 AM / in 4 years

Mexico's Pemex not considering stake in Vaca Muerta shale field - official

2 Min Read

MEXICO CITY, Nov 28 (Reuters) - Mexican state oil company Pemex is not currently weighing a potential stake in Argentina's giant Vaca Muerta shale oil and gas field, a company official said on Thursday, rejecting reports that it was being considered.

This week the chief executive of Argentina's national oil company YPF, the biggest stake holder in Vaca Muerta, said he hoped to enter into an agreement with Pemex to help develop the extensive deposit in southern Argentina.

The Pemex official, however, said it was not on the agenda.

"It's not among the business priorities at the moment, it's not even being discussed in the company," the official said, speaking on condition of anonymity in line with company policy.

"Pemex has other priorities right now," he said, adding that Vaca Muerta will "definitely not" be discussed at Pemex's next board meeting on Dec. 19 as a board member had said.

Hector Moreira, an independent Pemex board member, said on Wednesday he expected that Pemex CEO Emilio Lozoya would address Vaca Muerta at the December meeting.

The board of Spanish oil major Repsol unanimously voted on Wednesday to start formal talks with Argentina over a compensation offer for the YPF assets the South American country seized last year.

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