YPF Nears Two Partnership Accords, Exxon & Rosneft Sign Protection Declaration: Energy Biz Review
YPF Sodiedad Anomima (NYSE:YPF) is nearing completion of two partnership accords which should help the Argentine energy company reach its investment aims, along with bringing large shale gas resources onstream some months following its nationalization. On Friday, Chief Executive Miguel Galuccio of YPF indicated that he anticipates that his company will conclude a deal with Chevron Corporation (NYSE:CVX) and one with Argentine company Bridas Holding before the end of 2012. Galuccio told an investment seminar in London that, “We are progressing with two companies. One is Chevron and the other is Bridas. We are now in the final stages of the commercial discussions.”
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Exxon Mobil Corporation (NYSE:XOM) and Rosneft Oil Co. (RNFTF.PK) have signed a Declaration on Protection of the Environment and Biodiversity for Oil and Gas Exploration and Development on the Russian Arctic Continental Shelf. The firms will establish a joint venture through which to run a pilot program and potential commercial output with equity interests of 51 percent for Rosneft and 49 percent for ExxonMobil. Separately, Exxon Mobil will divest two shale gas exploration concessions in Poland to that country’s leading refiner PKN Orlen for an unreported price, said the parties on Friday.