An Argentinian judge ordered state owned YPF to fully disclose details of a shale exploration contract with Chevron Wednesday amid allegations by an opposition party legislator that the contract has secret clauses.
In 2013, Chevron signed a deal with YPF to explore the Loma Campana sector in the Vaca Muerta shale formation, one of the largest shale plays in the world.
A group of opposition lawmakers led by legislator Manuel Garrido have alleged the contract contains secret clauses and concessions to Chevron that “undermine national interests,” Reuters said.
YPF said it has met all regulatory disclosure obligations in the United States and Argentina and will appeal the ruling.
“Everything done by YPF is within the law,” YPF said.
The company has 10 working days to provide legislators with all of the details of its Chevron contract.
Judge Maria Jose Sarmiento said the rights of the public to know about deals inked by state run YPF outweighs any confidentiality concerns.
Chevron and YPF have invested about $2.8 billion in the Vaca Muerta contract although the two company’s could invest up to $16 billion under the terms of the deal.
The Loma Campana sector is expected to produce up to 50,000 barrels of crude per day and 3 million cubic feet of gas per day once it is fully operational.