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YPF's chief executive in U.S. for Chevron deal talks-sources
December 19, 2012 / 5:16 PM / 5 years ago

YPF's chief executive in U.S. for Chevron deal talks-sources

Dec 19 (Reuters) - 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 year.

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 pact.

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.

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