YPF, Sinopec Sign MoU to Develop Conventional, Unconventional Hydrocarbons in Argentina

Argentina’s YPF and China’s Sinopec signed a Memorandum of Understanding (MOU) with the intention of making a strategic partnership to develop oil and gas projects in Argentina.

“This MoU signed today in Beijing, China, reflects the intention of the parties to form a Joint Venture composed covering different market segments, both upstream and downstream potential of capturing synergies to maximize their potential throughout the value chain,” YPF said in a statement Wednesday.

The MoU was signed by president and CEO of YPF, Miguel Galuccio and President of Sinopec, Fu Chengyu.

The two companies would target both conventional and shale oil and gas resources, the statement said.

YPF is currently developing shale oil and gas resources from the Vaca Muerta formation located in Argentina’s Neuquén province in cooperation with Chevron and Malaysia's Petronas.