Dec 9 Argentine state-controlled energy company
YPF is in talks to form a partnership with Norway's
Statoil to develop YPF's shale reserves, the Financial
Times reported on Sunday.
YPF says it needs to invest over $30 billion in the next
five years, $4.5 billion of which is to come from strategic
partners, to help pay to develop Argentina's huge shale oil and
The company is looking to raise cash -- working to also
finalize deals with U.S. oil major Chevron and
Argentina's Bridas Holding -- after Argentina's left-leaning
government seized a majority stake in the company from Spanish
oil firm Repsol.
A YPF spokesman told Reuters the company's chief executive,
Miguel Galuccio, would meet Statoil executives in Europe on
Monday, but he would not disclose details about the talks.
"I'm not just talking to Statoil about the Norwegian
company's admirable ownership and governance model," Galuccio
told the FT.
Galuccio, speaking at an investment seminar in London on
Friday, said that he expected the company to finalize the deals
with Chevron and Bridas before the end of the year.
Statoil did not immediately respond to a request for a
comment on the meeting.