Equinor and Argentina’s state-owned YPF will team to explore the 15000-sq-km CAN 100 offshore block in the North Argentina Basin.
Under the agreement, YPF will transfer 50% of its interest in the block to Equinor, giving the companies an equal share. YPF acquired 100% of the block in May, at which point a 4-year exploratory period began.
Equinor and YPF are already partners on the CAN 102 and CAN 114 blocks, also in the North Argentina Basin, awarded in April as part of Argentina’s first open bid round for offshore acreage in more than 2 decades. Equinor gained seven blocks in the auction, including five as operator.
The companies have also already teamed to explore onshore opportunities in the Neuquen province’s Vaca Muerta Shale, where they share a 50-50 stake in the 157-sq-km Bajo del Toro block, which holds light oil.
Through the CAN 100 deal, “Equinor strengthens its position offshore Argentina in line with our exploration strategy to access at scale in basins with high-impact potential,” said Tim Dodson, Equinor executive vice president for exploration.
“This new agreement deepens our bond with Equinor and allows us to learn from their undisputed experience in offshore projects worldwide,’ said Daniel González, YPF chief executive officer.