Repsol looks to sue Bridas over YPF shale deal

Repsol looks to sue Bridas over YPF shale deal

Repsol said it will take legal action against Bridas over the company's deal to develop Argentine shale oil and gas resources with YPF, reports Reuters.

YPF announced in late December it has signed an agreement with Bridas to develop Argentina's shale resources with an initial investment of $1.5 billion over two years.

Repsol formerly controlled over 50 percent of YPF, which Argentina nationalized in April reducing the company’s stake to approximately 12 percent.  Following the seizure, Repsol has promised to pursue legal action against any company that partners with the now state-controlled YPF.

Most recently, Repsol has filed a lawsuit to block a preliminary agreement between YPF and U.S. oil major Chevron in response to the loss of its resources, which it claims were expropriated by Argentina illegally.

At the center of Repsol’s assets dispute is the discovery of the Vaca Muerta formation in late 2011 by YPF, which is estimated to contain some 21 billion boe of prospective resources.

Repsol has also filed a complaint against Argentina before the World Bank's arbitration center.

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