YPF, Argentina’s largest energy company, said it’s in talks with Exxon Mobil Corp. (XOM) to develop shale oil in Argentina and that no agreement has been signed.

Argentine newspaper El Cronista reported today that the two companies agreed to a joint venture in the Vaca Muerta formation. YPF spokesman Sergio Resumil commented today on the talks.

To contact the reporter on this story: Rodrigo Orihuela in Rio de Janeiro at rorihuela@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net