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Argentina's presidential office announced on Tuesday that Argentine national oil company YPF and Malaysian state oil company Petronas will form a joint venture to invest $2.
3 billion over the next four years in the country's Vaca Muerta shale field
, Reuters reported.
The Argentine president said in a statement that Petronas will have an equal interest
in the project through its subsidiary Petronas E&P Argentina SA.
Petronas has not commented
on the statement.
The Belgian-scale Vaca Muerta deposit, located in western Argentina, is believed to hold the world's second-largest shale gas and fourth-largest shale oil deposits
.
"This investment will allow us to increase YPF's gasoline production by 30% by 2022, which means a 15%
increase in total gasoline production in Argentina," the statement said.
”
The company said it aims to reach 60,000 barrels of oil equivalent per day by 2022, with a total investment likely to reach $7 billion
over 20 years.
Argentina's presidential office announced on Tuesday that Argentine national oil company YPF and Malaysian state oil company Petronas will form a joint venture to invest $2.
3 billion over the next four years in the country's Vaca Muerta shale field
, Reuters reported.
The Argentine president said in a statement that Petronas will have an equal interest
in the project through its subsidiary Petronas E&P Argentina SA.
Petronas has not commented
on the statement.
The Belgian-scale Vaca Muerta deposit, located in western Argentina, is believed to hold the world's second-largest shale gas and fourth-largest shale oil deposits
.
"This investment will allow us to increase YPF's gasoline production by 30% by 2022, which means a 15%
increase in total gasoline production in Argentina," the statement said.
”
The company said it aims to reach 60,000 barrels of oil equivalent per day by 2022, with a total investment likely to reach $7 billion
over 20 years.
