Chevron, YPF Continue Development of Vaca Muerta Shale in Argentina
April 10 2014 - 9:00AM
Business Wire
Project is expected to contribute to Chevron’s
long-term production growth
Chevron Corporation (NYSE: CVX) today confirmed that
subsidiaries of the company have signed agreements with the
Argentine oil company YPF S.A. to continue development of shale oil
and gas resources from the Vaca Muerta formation located in the
Neuquén province in Argentina.
“This is a significant step in our subsidiaries’ joint efforts
with YPF to develop one of the most exciting shale plays in the
world today,” said George Kirkland, vice chairman of Chevron
Corporation. “Vaca Muerta could become an important contributor to
Chevron’s long term production growth.”
The agreements build off the progress made with the drilling
program begun in 2013 and call for continued investment toward
large-scale drilling and production in the 96,000-acre (388-sq. km)
Loma Campana concession. The agreements also call for exploration
of shale oil and gas resources in the 49,400-acre (200-sq. km)
Narambuena area located about 70 miles (100 kilometers) north of
Loma Campana in the Chihuido de la Sierra Negra concession, one of
the main producing areas in the Neuquén Basin of west-central
Argentina.
“YPF is a reliable partner and operator that is advancing the
project in the right direction,” said Ali Moshiri, president of
Chevron Africa and Latin America Exploration and Production
Company. “We are pleased with the progress achieved so far and look
forward to continuing to provide our technical expertise and
investment to help Argentina achieve its goal of energy
self-sufficiency.”
Chevron is one of the world’s leading integrated energy
companies, with subsidiaries that conduct business worldwide. The
company’s success is driven by the ingenuity and commitment of its
employees and their application of the most innovative technologies
in the world. Chevron is involved in virtually every facet of the
energy industry. The company explores for, produces and transports
crude oil and natural gas; refines, markets and distributes
transportation fuels and other energy products; manufactures and
sells petrochemical products; generates power and produces
geothermal energy; provides energy efficiency solutions; and
develops the energy resources of the future, including biofuels.
Chevron is based in San Ramon, Calif. More information about
Chevron is available at www.chevron.com.
CAUTIONARY STATEMENT RELEVANT TO FORWARD-LOOKING INFORMATION FOR
THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES
LITIGATION REFORM ACT OF 1995
Some of the items discussed in this press release are
forward-looking statements about Chevron’s activities in Argentina.
Words such as “anticipates,” “expects,” “intends,” “plans,”
“targets,” “forecasts,” “projects,” “believes,” “seeks,”
“schedules,” “estimates,” “budgets,” “outlook” and similar
expressions are intended to identify such forward-looking
statements. The statements are based upon management’s current
expectations, estimates and projections; are not guarantees of
future performance; and are subject to certain risks, uncertainties
and other factors, some of which are beyond the company’s control
and are difficult to predict. Among the important factors that
could cause actual results to differ materially from those in the
forward-looking statements are changes in prices of, demand for and
supply of crude oil and natural gas; actions of competitors; the
inability or failure of the company’s joint-venture partners to
fund their share of operations and development activities; the
potential failure to achieve expected net production from existing
and future crude oil and natural gas development projects;
potential delays in the development, construction or start-up of
planned projects; the potential disruption or interruption of the
company’s net production or manufacturing facilities or delivery
transportation networks due to war, accidents, political events,
civil unrest, or severe weather; government-mandated sales,
divestitures, recapitalizations and changes in fiscal terms or
restrictions on scope of company operations; foreign currency
movements compared with the U.S. dollar; and general economic and
political conditions. The reader should not place undue reliance on
these forward-looking statements, which speak only as of the date
of this press release. Unless legally required, Chevron undertakes
no obligation to update publicly any forward-looking statements,
whether as a result of new information, future events or
otherwise.
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Chevron CorporationIsabel Ordonez, +1-713-380-9296
(Houston)Isabel.ordonez@chevron.com
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