YPF CEO met with Petronas to boost investments in Vaca Muerta
Argentina, January 29, 2014
The state CEO of YPF, Miguel Galuccio, said that “the meeting was positive and were talked interesting developments towards a future agreement” after his meeting at the headquarters of Petronas, one of the largest gas producers in the world.
This meeting is part of the program led by Galuccio to add new investors for YPF to develop unconventional hydrocarbons in Vaca Muerta formation, which is considered the second largest in the world of its kind.
The Malaysian oil would be interested in developing unconventional oil and gas in Argentina.
Petronas was incorporated on August 17, 1974, as the state oil company and gas from Malaysia. Its total hydrocarbon reserves stand at 27.12 billion barrels of oil equivalent and its average production is 1.1 million barrels of oil equivalent.
For gas, the Malaysian company is a leading producer of gas in the world, with the largest LNG complex in Bintulo located in the state of Sarawak, with a production capacity of over 20 million tonnes per year.
The national oil company YPF aims to add an agreement with Petronas similar than the one achieved with Chevron by 1.500 million amount, to reach the plan of investment in 7,000 million annually.
“This partnership is strategic for the company and for Argentina. We are investing into the production of a resource that can change the energy future of our country” concluded Galuccio, in communication with the Argentine media.