Dec 19 The chief executive of Argentine energy
company YPF is in the United States to discuss
the final details of a deal with Chevron Corp to jointly
develop the South American country's huge shale resources,
industry sources said on Wednesday.
YPF CEO Miguel Galuccio said earlier this month he expected
his company to finalize a deal with Chevron, and another deal
with Argentine company Bridas Holding, before the end of the
Two industry sources in Buenos Aires, who asked not to be
named, said Galuccio was in Houston on Wednesday with Chevron
executives. YPF declined to comment.
YPF, nationalized in May, says that to boost output it needs
to invest more than $30 billion in the next five years, $4.5
billion of which is to come from strategic partners.
Signing commercial terms between YPF and Chevron would build
on an accord the two signed in September. Spanish oil company
Repsol has filed a U.S. lawsuit to block that initial
After Argentina seized control of Repsol's majority stake in
YPF in April, Repsol threatened to file legal action against any
company that partnered with the Argentine company.