Norwegian oil company Equinor has entered an offshore exploration partnership with Argentina’s YPF for work in the CAN 100 block.
Equinor and YPF representatives have signed a preliminary agreement setting core terms and conditions for YPF’s transfer of 50% of its share in the CAN 100 offshore block to Equinor.
Tim Dodson , Equinor’s executive vice president for Exploration: “We are delighted with this opportunity to continue and expand our close partnership with YPF in Argentina. Currently, we are partners in two offshore blocks in the same area, and we are jointly exploring onshore opportunities in the Vaca Muerta formation in the Neuquen province. We are looking forward to collaborate closely with YPF on this new exploration opportunity.”
Daniel González , YPF´s CEO said: “We have a strong relationship with Equinor based on mutual trust built on the development of exploration and unconventional projects. This new agreement deepens our bond with Equinor and allows us to learn from their undisputed experience in offshore projects worldwide.”
The CAN 100 block comprises an area of 15,000 km2. It is the largest block in the North Argentinian Basin. The first exploratory period of four years began when YPF acquired 100% of the block in May 2019.
Equinor and YPF are currently partners in two offshore blocks in the North Argentinian Basin (CAN 102 and CAN 114), which were added in the last bid round conducted by the Argentinian national government.