YPF discovers shale in Chubut Province

Argentina's state-controlled energy company YPF has made the first shale oil and gas discovery in the Patagonian province of Chubut, according to Reuters.

The discovery, in the San Jorge basin, is located more than 1,000 kilometers southeast of the Vaca Muerta mega-field in Neuquen Province.

Reuters noted that it was the first discovery at El Trebol field in the D-129 shale formation in Chubut. Vaca Muerta is thought to be one of the world's biggest shale reserves and could double Argentina's energy output within a decade.

The country has signed one major Vaca Muerta deal, a $1.24 billion joint venture with Chevron Corp.

Earlier this week, Exxon Mobil Corp. said that it has made its first discovery of unconventional gas and crude oil in Vaca Muerta.

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