OSLO, Norway – Equinor and Argentina’s YPF have agreed to jointly explore the CAN 100 offshore block in the North Argentinian basin.
The preliminary agreement sets out terms and conditions for YPF’s transfer of 50% of its share in the block.
“We have a strong relationship with Equinor based on mutual trust built on the development of exploration and unconventional projects,” said YPF CEO Daniel González.
“This new agreement…allows us to learn from their undisputed experience in offshore projects worldwide.”
CAN 100, covering 15,000 sq km (5,791 sq mi), is the largest block in the North Argentinian basin. The first four-year exploratory period started in May, when YPF acquired a 100% interest.
The two companies were already partners in blocks CAN 102 and 114 in the same basin, awarded in April under Argentina’s latest bid round.
Equinor also submitted winning bids for five blocks as operator and another to be operated by Total.