Schlumberger agrees to $390M Vaca Muerta deal, YPF says

Argentina's YPF (YPF +1.1%) says it reached agreement with Schlumberger (SLB -0.1%) for a $390M investment in the Vaca Muerta shale field.

In a letter to the Buenos Aires stock exchange, YPF says SLB would invest the full amount and obtain a 49% stake in the Bandurria Sur concession, where the two companies would develop a two-phase shale oil pilot project.

SLB is the largest energy company - including BP, Total and Shell - to invest in pilot projects at Vaca Muerta, which contains the world's second largest reserves of shale gas.