Argentina: Repsol to Sue Chevron after YPF Partnership Announcement
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Tuesday, 18 September 2012 |
Repsol has said that it will take legal action against Chevron after learning that it has entered into a new partnership with YPF, the Argentine national oil company. Chevron and YPF have confirmed that they have signed a memorandum of understanding that will see them co-operate on shale and natural gas exploration, part of a five-year extraction plan drawn up by the Argentine company.
“We’re going to take legal action against Chevron. Our legal department is studying the memorandum of understanding,” said a spokesperson for Repsol. The company also said in the past that it is prepared to take action against YPF.
YPF has been searching for a partner to help it extract vast amounts of shale and natural gas from the Vaca Muetra basin for months, but was having difficulty due to the acrimonious manner in which Repsol's stake in the firm was expropriated. President Cristina Fernandez decided to strip Repsol of its YPF shares and nationalise the company when it refused to invest in gas production when demand was high.
PetrolWorld 18092012
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