Brazil and Argentina have reportedly signed an MOU to explore the development of infrastructure for natural gas exports from Argentina's Vaca Muerta to Brazil, reported Reuters. The agreement aims to address Brazil's growing domestic gas demand and could lead to imports of up to 30 million cubic metres per day (mcm/d) by 2030.

Brazil is moving forward with plans to import natural gas from Argentina’s Vaca Muerta formation in a sign that bilateral business deals can overcome a complicated political relationship.

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YPF (NYSE:YPF) ended +7.8% on Monday to its highest level in nearly a decade after the governments of Argentina and Brazil signed a memorandum of understanding to study the development of infrastructure for sending natural gas exports from Argentina's Vaca Muerta shale formation to Brazil.