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Chevron Corp. signs long-sought deal to invest $1.24 billion with YPF in Argentine shale oil

Argentina's state-controlled YPF oil company has persuaded Chevron Corp. to sign a long-sought deal to invest $1.24 billion developing the South American country's shale oil deposits.

The joint venture adds up to $1.5 billion overall, the first major foreign oil investment in Argentina since President Cristina Fernandez seized control of YPF from Spain's Grupo Repsol last year.

YPF CEO Miguel Galuccio and Chevron CEO John Watson presented it Tuesday night to the president, who granted special privileges this week to any oil company investing more than a billion dollars in new shale ventures.