Argentina’s state-run oil and gas producer YPF SA is close to an agreement to acquire shale oil assets from France’s TotalEnergies SE. A sale could be valued at US$ 400 million to US$ 500 million. Total is looking to sell 45 percent of the La Escalonada and Rincon La Ceniza shale oil fields, which lie in an underdeveloped corner of Argentina’s burgeoning Vaca Muerta shale formation. Chevron Corp. has a key asset in the same area, while Argentine driller Pluspetrol SA plans to develop fields there after buying them last year from Exxon Mobil Corp.
SOURCE: BUENOS AIRES TIMES