Petronas signs Argentina gas deal

Kuala Lumpur: Malaysian oil giant Petronas has signed a preliminary agreement with Argentinean state controlled firm YPF to invest in the gas and shale oil field at Vaca Muerta.

Argentina reported an energy deficit in 2013 of $8bn and is keen to boost domestic production to limit imports. The country has launched a global drive for foreign investment in Vaca Muerta.

“The meeting with Petronas allows us to move forward in adding a new partner to develop Vaca Muerta in line with our strategic plan. It is also in line with our philosophy of getting partnerships to take advantage of our vast shale oil and gas resources,” said Miguel Galuccio, ceo of YPF. [19/02/14]

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