Equinor has acquired over 50% stake in Argentina’s largest offshore block, CAN 100, as part of its collaboration with Argentina state-controlled oil firm YPF, the Norwegian company said on Wednesday.
Furthermore, Equinor won operatorship of five blocks in Argentina’s first offshore oil and gas licensing round, and also got stakes in another two operated by YPF and Total respectively.
Equinor’s head of exploration, Tim Dodson said “Through this agreement, Equinor has gotten stronger in its position offshore Argentina, which is in line with our exploration strategy to access at scale in basins with high impact potential,” Equinor’s head of exploration Tim Dodson said.
The CAN 100 block comprises an area of 15,000 square kilometers and is the largest block in the North Argentinian Basin.
Equinor and YPF are also partners in another two offshore blocks in the basin, CAN 102 and CAN 114, as well as in the onshore Bajo Del Toro exploration block in the Neuquén province.