Schlumberger to acquire 49% interest in JV with YPF
On April 12, Schlumberger and YPF announced the signing of a preliminary agreement for a joint venture in a shale oil pilot project in the Bandurria Sur Block in Vaca Muerta, Neuquen. Schlumberger will provide reservoir knowledge, integrated field studies, drilling and completions services, and associated infrastructure. The agreement involves a $390 million phased investment by Schlumberger, which includes a significant contribution in-kind of its services at market pricing. Upon satisfaction of certain closing conditions, Schlumberger will acquire a 49% interest in the joint venture, and the remaining 51%, along with the operatorship of the block, will be held by YPF.