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News // Companies

Argentina’s YPF confirms $2.3 billion joint shale oil venture with Malaysia's Petronas

06 December 2018 , 10:11Neftegaz.RU492

Buenos Aires, December 6 - Neftegaz.RU. Companies decide to move to full development at Amarga Chica field in Argentina's Neuquen province, Argentina President’s office has announced.


The presidency said in a statement that through its subsidiary Petronas E&P Argentina, the Malaysia state-owned Petronas would have an equal stake in this project. Located in the western part of Argentina, the Vaca Muerta deposit is considered to have the world’s 4rth-largest shale oil deposits and 2nd-largest shale gas deposits.


The statement also mentioned that this investment would allow them to grow petrol production capacity of YPF by 30 % by 2022, which will represent a total growth for Argentina of 15 %. The aims of the companies’ are to achieve production equal to 60,000 barrels per day by 2022, and the total investment could reach $7 billion in 20 years.


Apparently, successive governments have focused on Vaca Muerta for reversing Argentina’s energy deficit, but the plans were always hindered due to the lack of infrastructure. Daniel Gonzalez, CEO of YPF, was quoted saying that the company would strengthen both unconventional oil and gas production through investing around $4 billion to $5 billion every year till 2022.


YPF and Petronas have partnered earlier in exploration and production activities and would soon initiate the development of unconventional fuel project in the Amarga Chica block in Neuquen province.


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