Argentina's state-run energy company YPF said on Dec. 15 it has entered a $500 million joint venture with Dow Chemical to drill for natural gas next year in the Vaca Muerta shale formation in Patagonia.
A spokesman for the company said the investment will be split evenly between Dow and YPF during 2016. Production will come from Vaca Muerta's El Orejano field.
"By the end of 2016, production at El Orejano could triple to reach an average 2 million cubic meters per day," a YPF statement said, adding that the investment comes atop an earlier $350 million joint venture between the two companies.
YPF estimates the Vaca Muerta deposit contains 661 billion barrels of oil and 1,181 trillion cubic feet of natural gas, making it one of the biggest shale reserves in the western hemisphere.
Recommended Reading
Talos Energy Expands Leadership Team After $1.29B QuarterNorth Deal
2024-04-25 - Talos Energy President and CEO Tim Duncan said the company has expanded its leadership team as the company integrates its QuarterNorth Energy acquisition.
Energy Transfer Ups Quarterly Cash Distribution
2024-04-25 - Energy Transfer will increase its dividend by about 3%.
ProPetro Ups Share Repurchases by $100MM
2024-04-25 - ProPetro Holding Corp. is increasing its share repurchase program to a total of $200 million of common shares.
Baker Hughes Hikes Quarterly Dividend
2024-04-25 - Baker Hughes Co. increased its quarterly dividend by 11% year-over-year.
Weatherford M&A Efforts Focused on Integration, Not Scale
2024-04-25 - Services company Weatherford International executives are focused on making deals that, regardless of size or scale, can be integrated into the business, President and CEO Girish Saligram said.