Chevron announced that they have signed an agreement with Argentina's YPF (Yacimientos Petrolíferos Fiscales). The deal was for the US$1.24 billion investment that Chevron will make for the Vaca Muerta gas and shale oil formation. The formation is noted as of the biggest known reserves in the western hemisphere. The investment is the first deal announced for Argentina's petroleum sector since the order of President Cristina Fernandez regarding the seizure of YPF from Repsol in 2012.
The Argentine government published a decree that allows oil companies to export up to 20% of the crude and natural gas that the country produces tax free. Companies involved in the Vaca Muerta formation and export field are now allowed to keep earnings outside Argentina. Previously the benefit was denied from companies involved in the petroleum industry.
Chevron Corporation is the American multinational energy corporation with headquarters in San Ramon, California. Chevron is engaged in natural gas and oil exploration. The company is also involved in geothermal sectors as well as refining, marketing, transportation and chemicals manufacturing.
YPF (Yacimientos Petrolíferos Fiscales) is an Argentine energy company engaged in the exploration and production of oil and gas, as well as in the refining, transportation, and marketing of gas and petroleum products.
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