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YPF SA And Chevron Corp Agree On Joint Pilot Project-Reuters

Wednesday, 19 Dec 2012 02:46pm EST 

Reuters reported that YPF SA has signed a partnership deal with Chevron Corp that aims to pave the way for investment in the South American country's shale oil resources. YPF SA's Chief Executive Officer, Miguel Galuccio, said earlier in December 2012 that he expected the Company to finalize a joint venture agreement with Chevron Corp before the end of the year 2012. The letter of intent established a pilot program to drill 100 non-conventional oil wells at a cost of about USD 1 billion. The details of a deal for YPF SA to transfer a 50% interest in the Loma de la Lata Norte and Loma Campana fields, which cover an area of nearly 300 square kilometers , will be negotiated over the next four months. The pilot drilling program should be completed over the next year and both companies will help fund the cost, although they declined to say whether it would be split equally. 

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