A partnership between Equinor and YPF has been announced to explore the CAN 100 offshore block which forms part of the North Argentinian Basin.
Equinor’s executive vice president for exploration, Tim Dodson, and YPF's CEO Daniel Gonzalez have signed the preliminary agreement, at Equinor’s office in Oslo, Norway.
It sets the core terms and conditions for YPF’s transfer of 50 per cent of its share in the CAN 100 offshore block and will enable both companies to expand their alliance and move forward with the exploration process.
Dodson said: “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.
“Through this agreement Equinor strengthens its position offshore Argentina, in line with our exploration strategy to access at scale in basins with high impact potential.”
The company has a number of projects in Argentina indluding the development of the Cañadón León onshore wind farm in Santa Cruz as well as a 50 per cent interest in the Guañizuil 2A (G2A) solar asset
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 per cent 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 government.