{"id":808,"date":"2014-04-10T23:34:30","date_gmt":"2014-04-10T23:34:30","guid":{"rendered":"https:\/\/www.kierjoffe.com\/news\/?p=808"},"modified":"2018-07-19T15:37:41","modified_gmt":"2018-07-19T18:37:41","slug":"chevron-invest-1-6-billion-ypf-argentina-shale-wells","status":"publish","type":"post","link":"https:\/\/www.kierjoffe.com\/news\/lawyer-argentina-attorney-buenos-aires-law-firm\/chevron-invest-1-6-billion-ypf-argentina-shale-wells\/","title":{"rendered":"Chevron to Invest $1.6 Billion With YPF in Argentina Shale Wells"},"content":{"rendered":"<p>Bloomberg.com &#8211;\u00a0By Pablo Gonzalez<\/p>\n<p><a title=\"Get Quote\" href=\"http:\/\/www.bloomberg.com\/quote\/CVX:US\">Chevron Corp. (CVX)<\/a>, the world\u2019s third-largest\u00a0<a href=\"http:\/\/topics.bloomberg.com\/oil-company\/\">oil company<\/a>, signed an accord with Argentina\u2019s YPF SA to invest $1.6 billion this year in shale development and become the country\u2019s largest foreign producer of shale oil and natural gas.<\/p>\n<p>Chevron and state-run YPF plan to drill 170 wells in a 96,000-acre area this year in Argentina\u2019s Vaca Muerta formation, the world\u2019s second-largest shale gas deposit and fourth-largest shale oil reservoir, both companies said today in separate statements.<\/p>\n<p>Argentine President Cristina Fernandez de Kirchner\u2019s government expropriated a 51 percent stake in YPF from Spain\u2019s\u00a0<a title=\"Get Quote\" href=\"http:\/\/www.bloomberg.com\/quote\/REP:SM\">Repsol SA (REP)<\/a>\u00a0in April 2012 after saying the Spanish oil company hadn\u2019t invested enough in exploration. Repsol\u2019s board agreed in February to accept $5 billion in compensation for\u00a0<a href=\"http:\/\/topics.bloomberg.com\/argentina\/\">Argentina<\/a>\u2019s expropriation of the unit. Ending the two-year international dispute may help attract investors to the country.<\/p>\n<p>\u201cThis is a significant step in our subsidiaries\u2019 joint efforts with YPF to develop one of the most exciting shale plays in the world today,\u201d Chevron Vice Chairman George Kirkland said in the company\u2019s statement. \u201cVaca Muerta could become an important contributor to Chevron\u2019s long-term production growth.\u201d<\/p>\n<h2>Pilot Investment<\/h2>\n<p>The latest investment follows an initial $1.24 billion pilot investment financed by Chevron and paves the way for a total plan of $15 billion. The joint venture partners are targeting daily output of 50,000 barrels of shale oil and 3 million cubic meters of shale gas by drilling 1,500 wells.<\/p>\n<p>Vaca Muerta, Spanish for dead cow, may hold 23 billion barrels of oil equivalent, according to a report by independent auditor Ryder Scott released in February 2012 by YPF.<\/p>\n<p>YPF\u2019s American depositary receipts were little changed at $30.65 at 11:52 a.m. in\u00a0<a href=\"http:\/\/topics.bloomberg.com\/new-york\/\">New York<\/a>Chevron fell 1.2 percent to $117.64.<\/p>\n<p>Chevron late yesterday said it is on track to post its lowest first quarter production in eight years after bad weather disrupted operations in Central Asia and\u00a0<a href=\"http:\/\/topics.bloomberg.com\/north-america\/\">North America<\/a>.<\/p>\n<p>Chevron is the third most valuable oil producer after Exxon Mobil Corp., and Royal Dutch Shell Plc.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bloomberg.com &#8211;\u00a0By Pablo Gonzalez Chevron Corp. (CVX), the world\u2019s third-largest\u00a0oil company, signed an accord with Argentina\u2019s YPF SA to invest $1.6 billion this year in shale development and become the country\u2019s largest foreign producer of shale oil and natural gas. Chevron and state-run YPF plan&hellip;<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-808","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Chevron to Invest $1.6 Billion With YPF in Argentina Shale Wells - News and Articles<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.kierjoffe.com\/news\/lawyer-argentina-attorney-buenos-aires-law-firm\/chevron-invest-1-6-billion-ypf-argentina-shale-wells\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Chevron to Invest $1.6 Billion With YPF in Argentina Shale Wells - News and Articles\" \/>\n<meta property=\"og:description\" content=\"Bloomberg.com &#8211;\u00a0By Pablo Gonzalez Chevron Corp. (CVX), the world\u2019s third-largest\u00a0oil company, signed an accord with Argentina\u2019s YPF SA to invest $1.6 billion this year in shale development and become the country\u2019s largest foreign producer of shale oil and natural gas. 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