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YPF & Schlumberger Signed Agreement to Invest $390M in Vaca Muerta

Source: www.gulfoilandgas.com 4/12/2017, Location: South America

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Schlumberger President of Operations, Patrick Schorn, and YPF Chairman, Miguel Angel Gutierrez, signed an agreement to start a shale oil pilot project in Bandurria Sur Block in Vaca Muerta, Neuquen.

The agreement, signed in YPF's offices in Buenos Aires involves a USD 390 million phased investment by Schlumberger, which includes a material contribution in kind of its services at market price. The block will continue to be operated by YPF. In addition, the commitment foresees the execution of different technical studies, the drilling of 26 pilot wells, and the construction of new infrastructure.

“Bringing a new partner like Schlumberger to Vaca Muerta is strategic for YPF because they offer vast experience in the most important unconventional plays around the globe and a work team that facilitates strengthening our know-how,” stated Gutiérrez when signing the agreement. He also highlighted: “This joint venture, in addition to those signed with other large corporations, reaffirms YPF’s leadership in developing unconventional resources and our commitment to continue working in the pursuit of energy self-sufficiency.”

Patrick Schorn commented, “We are very pleased with the opportunity of working more closely with YPF. By leveraging our reservoir knowledge and track record in unconventional completions, we expect to create operational efficiencies and further reduce development costs in the world-class Vaca Muerta play.”

In the next months, the parties will negotiate the definite agreements. Schlumberger will acquire a 49% interest in the joint venture, while YPF will retain 51%.

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