Malaysia's Petronas in RM9.55bil JV with Argentina's YPF

Strategic tie-up: A drilling rig is seen at the Loma Campana Vaca Muerta shale oil and gas drilling site owned by YPF in the Patagonian province of Neuquen. Petronas will have an equal stake in its joint venture with YPF. — Reuters

BUENOS AIRES: Argentina’s state-controlled energy company YPF and Petroliam Nasional Bhd (Petronas) are forming a joint venture to invest US$2.3bil (RM9.55bil) over the next four years in the country’s Vaca Muerta shale oil fields, the president’s office announced.

Petronas would have an equal stake in the project through its subsidiary Petronas E&P Argentina SA, the presidency said in a statement. Petronas has not yet commented on the announcement.