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Argentina's YPF says signs deal with Shell for Vaca Muerta development

Reuters - UK Focus

BUENOS AIRES, Feb 23 (Reuters) - Royal Dutch Shell PLC (LSE: 0LN9.L - news) and Argentina's state-run oil company YPF SA (Sao Paolo: R2:YPFL3S.SA - news) signed a preliminary deal to develop oil and gas assets in the Vaca Muerta shale field, involving a $300 million investment from Shell (LSE: RDSB.L - news) , YPF said on Thursday.

Both companies will take a 50 percent stake in the Bajada de Añelo field to develop a pilot program, which will be operated by Shell, YPF said in the statement. The agreement is subject to approval by provincial authorities. (Reporting by Juliana Castilla; Writing by Luc Cohen; Editing by James Dalgleish)