MOSCOW (Sputnik) – The Yacimientos Petroliferos Fiscales (YPF) Argentine energy company has signed a preliminary agreement with the Anglo-Dutch Shell oil and gas company for a development project in the Vaca Muerta field in Argentina, YPF said in a statement.
The project will be operated solely by Shell, even though the deal provides for both companies to have equal stakes in it, YPF said on Thursday, as cited by El Economista.
"Shell has demonstrated excellent results in unconventional exploration and has great interest in the local oil and gas market," President Shell Argentina Teofilo Lacroze said as quoted in the Thursday YPF statement.
In September, Shell announced that it planned to invest $300 million per year through 2020 in exploration and production activities in Argentina, according to El Economista.
