May 15, 2013 / 8:16 PM / in 5 years

Chevron agrees terms of Argentina shale investment -YPF

BUENOS AIRES, May 15 (Reuters) - Argentine energy company YPF signed an agreement with U.S. oil major Chevron Corp on Wednesday to define the terms and conditions of Chevron’s investment of up to $1.5 billion in Argentina’s vast Vaca Muerta shale field.

The joint pilot project will include the drilling of more than 100 non-conventional wells over the next 12 months, YPF said in a statement on Wednesday. The two companies signed a letter of intent to partner on investments in December.

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