Qatar acquires stake in Exxon's Argentina shale oil and gas

The state-owned Qatar Petroleum has signed an agreement to acquire a 30 percent stake in two Exxon Mobil affiliates in Argentina.

The agreement gives the Qatari oil and gas company shares in ExxonMobil Exploration Argentina S.R.L. and Mobil Argentina S.A. for exploration, drilling and production of unconventional shale oil and gas in Vaca Muerta in the Neuquén province in western Argentina.

Qatar Petroleum says the agreement that was signed on Sunday evening with Exxon Mobil in the capital, Doha, marks the first time the company invests in Argentina. The company did not disclose the value of the deal.

Qatar Petroleum is the world's largest producer of liquefied natural gas. The small, but wealthy Arab state shares the world's biggest gas field, located in the Persian Gulf, with Iran.