Chevron, YPF Continue Development of Vaca Muerta Shale in Argentina
Chevron Corporation (CVX) (NYSE: CVX) today confirmed that subsidiaries of the company have
signed agreements with the Argentine oil company YPF S.A. to continue development of shale oil and gas resources from the
Vaca Muerta formation located in the Neuquén province in Argentina.
"This is a significant step in our subsidiaries' joint efforts with YPF to develop one of the most exciting shale plays in
the world today," said George Kirkland, vice chairman of Chevron Corporation. "Vaca Muerta could become an important
contributor to Chevron's long term production growth."
The agreements build off the progress made with the drilling program begun in 2013 and call for continued investment toward
large-scale drilling and production in the 96,000-acre (388-sq. km) Loma Campana concession. The agreements also call for
exploration of shale oil and gas resources in the 49,400-acre (200-sq. km) Narambuena area located about 70 miles (100
kilometers) north of Loma Campana in the Chihuido de la Sierra Negra concession, one of the main producing areas in the
Neuquén Basin of west-central Argentina.
"YPF is a reliable partner and operator that is advancing the project in the right direction," said Ali Moshiri, president of
Chevron Africa and Latin America Exploration and Production Company. "We are pleased with the progress achieved so far and
look forward to continuing to provide our technical expertise and investment to help Argentina achieve its goal of energy
self-sufficiency."
Chevron is one of the world's leading integrated energy companies, with subsidiaries that conduct business worldwide. The
company's success is driven by the ingenuity and commitment of its employees and their application of the most innovative
technologies in the world. Chevron is involved in virtually every facet of the energy industry. The company explores for,
produces and transports crude oil and natural gas; refines, markets and distributes transportation fuels and other energy
products; manufactures and sells petrochemical products; generates power and produces geothermal energy; provides energy
efficiency solutions; and develops the energy resources of the future, including biofuels. Chevron is based in San Ramon,
Calif.
Chevron.com
