BUENOS AIRES, Sept. 14 (Xinhua) -- Argentina' s oil company Treasury Petroleum Fields (YPF) signed here Friday a memorandum of understanding (MoU) with its U.S. counterpart Chevron for unconventional hydrocarbon production in Vaca Muerta field in Argentina's southern province of Neuquen.
The agreement was signed by YPF's Executive President Miguel Galuccio and Chevron' s President for Latin America and Africa Ali Moshiri.
A statement from YPF said the agreement also seeks to analyze the potentiality of recovery and improvement of its deposits through new and current technology.
The MoU sets the interest to evaluate the development of oil and unconventional gas fields in the area.
On deposits' improved recovery, the deal said that there would be shared research and development of future joint projects.
"We are trying to find synergy between us and an important company such as Chevron. I am convinced that this is only the first step towards a large and important relation," said Galuccio.
For his part, Moshiri reaffirmed Chevron' s interest in associating with YPF in the project of unconventional hydrocarbons' production in Vaca Muerta.
"We are pleased to accompany YPF in this new process, which will be a success for the sector," said Moshiri.
In Vaca Muerta unconventional oil and gas deposit, YPF has achieved 37 perforated wells, 27 finished wells, with 10 waiting to be finished and 26 more to be perforated during the rest of the year.
On Aug. 30, YPF announced it would invest 37.2 billion U.S.dollars between 2013 and 2017 to increase the oil and gas production by 32 percent, the diesel fuel and nafta production by 37 percent and generate more than 10,000 new jobs.