Asia > South-Eastern Asia > Malaysia > Argentina's YPF wooing Malaysia Petronas to develop shale deposits

Malaysia: Argentina's YPF wooing Malaysia Petronas to develop shale deposits

2014/01/31

“We have advanced towards a next transaction,” Reuters quoted Galuccio as saying in an email from Malaysia next the conference with his Petronas counterpart.

The visit follows an extra conference held in early 2013 inclunding visits by Malaysian consultants to Argentina as YPF seeks a transaction with the company similar to accords penned with US super-major Chevron and US giant Dow Chemical, La Nacion reported.

Some of Petronas' new forays into the region have not ended happily: What was to be a 850 million farm-out with Brazil independent OGX for a stake in the Campos basin Tubarao Martelo field collapsed next the company filed for bankruptcy in October.

Argentina oil company YPF is courting Malaysia's Petronas as a possible partner to develop the promising Vaca Muerta shale, according to reports. YPF chief executive Miguel Galuccio was in Kuala Lumpur for a conference on Wednesday with Petronas leader Tan Sri Dato Shamsul Azhar Abbas, the La Nacion newspaper reported.

Petronas as well raised its hand to qualify for Brazil's bid round for the giant Libra field but did not walk away with a stake.

The company was as well reportedly considering dropping a stake in a major Venezuela heavy-oil project next disagreements with national oil company PDVSA. The Malaysia national oil company is keen on shale, with plans to spend as much as 35 billion dollars to harness Canadian natural gas for liquefied natural gas exports to hungry Asian markets.

The US Energy Data Government estimates that Argentina has the world's second major shale gas reserves with 802 trillion cubic feet.

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