facebook
twitter
rss
account
search
search
 

Argentina's YPF and Dow eye shale gas

March 27, 2013 at 7:41 AM   |   Comments

BUENOS AIRES, March 27 (UPI) -- Argentine energy company YPF said it signed a memorandum of understanding with Dow Chemical to develop shale natural gas in the country.

YPF said the deal is for shale reserves in more than 10,000 acres in Neuquen province. The development deal was described as the first shale gas project in the province.

"The agreement between both companies is fundamental for the development of shale gas in the country," YPF said in a statement.

The U.S. Energy Department's Energy Information Administration estimates that Argentina has 774 trillion cubic feet of technically recoverable shale gas resources, the third most in the world. YPF announced the recent discovery of 150 million barrels worth of shale oil.

Neither company announced a reserve expectation, exploration agenda or financial terms of the MOU.

French energy company Total last year announced it entered the shale gas market in Argentina through the acquisition of four exploration licenses.

© 2013 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Most Popular
1
Boeing announces job relocations, business unit consolidation Boeing announces job relocations, business unit consolidation
2
IS oil smugglers will feel wrath, Kurdish leader says IS oil smugglers will feel wrath, Kurdish leader says
3
Outrage over FERC decision on LNG exports Outrage over FERC decision on LNG exports
4
Thales to research next-gen active radar antenna Thales to research next-gen active radar antenna
5
Thales US supplying ATC aids to Saudi Arabia National Guard Thales US supplying ATC aids to Saudi Arabia National Guard
Trending News
x
Feedback