Adds details on CGC, Vaca Muerta
BUENOS AIRES, March 21 (Reuters) - Argentine energy company CGC announced on Friday that it will partner with state oil company YPF in a project located in the South American country's lucrative Vaca Muerta basin as a minority partner.
In a statement, CGC said it will provide an unspecified amount of capital for the tie-up in Argentina's massive shale formation. The project aims to develop the formation's Aguada del Chañar area, where CGC will hold a 49% stake while YPF will have 51%.
CGC, part of holding company Corporacion America, operates more than 60 energy projects, mostly in Argentina's Northwest and Neuquen basins, the latter being home to Vaca Muerta.
Vaca Muerta is one of North America's most prolific sources of shale oil and gas.
Since 2023, CGC has also worked with state-owned YPF to search for oil and gas in the Palermo Aike project in southern Argentina.
(Reporting by Eliana Raszewski; Editing by Brendan O'Boyle)
((david.aliregarcia@thomsonreuters.com; +52 55 5282 7151; Reuters Messaging: david.aliregarcia.thomsonreuters.com@reuters.net))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.