Under the deal, both the companies will cooperate on developing tight and shale hydrocarbons in the country. The framework agreement will outline the terms and conditions for formal agreement before 1 March in 2016.

Gazprom Management Committee chairman Alexey Miller said: "The Agreement we signed today is of great importance for strengthening the strategic partnership relations between our companies.

"Joint exploration and production activities in Argentina will give a considerable momentum to the oil & gas industry development in the Republic."

YPF is already searching for partners for developing a shale formation in the country, called Vaca Muerta, which has been estimated to have reserves of at least 23 billion barrels of oil.

The firm is already partnering with Chevron, which is presently producing 43,000 barrels of oil equivalent a day, and Dow Chemical for a gas development in an area called El Orejano.

YPF has also signed similar deals with Malaysia’s Petronas and China Petroleum & Chemical for energy developments in the country.

According to Gazprom Management Committee chairperson Alexey Miller, the accord with Gazprom is expected to offer provide "a significant impulse for the development of the republic’s oil and gas industry."

YPF CEO Miguel Galuccio was quoted by Bloomberg as saying: "We clearly said in our business plan that we needed large partners to develop our resources as it wasn’t going to be possible to do it by ourselves.

"We hope Gazprom becomes a good partner for YPF like Chevron, Dow and Petronas are now."