LAST_UPDATEFri, 22 Jun 2018 11pm

Argentina’s YPF To Expand Shale Oil Drilling With Petronas

BUENOS AIRES: Argentine state-controlled energy company YPF said it plans to continue a pilot shale oil project with Petronas, announcing an additional US$192.5 million joint investment.

The two companies put nine wells into production between May 2015 and September of this year, with an initial US$165 million investment, YPF said in a statement.

In the next phase they intend to drill 10 horizontal wells and build infrastructure to transport shale oil.

The project is located in the Amarga Chica block in Neuquen province. Southern Argentina is home to Vaca Muerta, one of the world’s largest shale reserves.

Petronas shares an equal stake in the project with YPF through its subsidiary Petronas E&P Argentina SA.

- Reuters