Equinor, YPF Sign Offshore Partnership

CAN 100 Offshore Block Exploration

Norwegian energy major Equinor has signed a partnership agreement with Argentine firm YPF to explore offshore fields in the North Argentinian Basin.

The deal will see the two firms partner to develop their presence in the CAN 100 offshore block, and is expected to spur breakbulk opportunities in the region. The area is the largest block in the North Argentinian Basin and comprises an area of 15,000 square kilometres.
“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,” said Tim Dodson, Equinor’s executive vice president for exploration.

High Impact Potential
The agreement increases the prospects for breakbulk activity in the region with Daniel González, YPF´s CEO, citing the basin's “high-impact potential.”
In April, Equinor submitted winning bids to operate five blocks in the country with two further bids for shared operations. The firm also holds a farm-in agreement for the Bajo del Toro exploration permit and a 90 percent stake in the neighboring Bajo del Toro Este Block as operator with partner Gas y Petróleo de Neuquén (GyP).

Barents Find
Closer to its home market of Norway, Equinor also recently announced a new discovery in the the Norwegian sector of the Barents Sea. The discovery, in partnership with Petoro’s Sputnik, was hailed as providing a “much-needed boost to Barents exploration” by analyst firm Wood Mackenzie.
“The potential commerciality of Sputnik … highlights the importance of developing new infrastructure in this emerging basin,” said Jamie Thompson, an analyst with Wood Mackenzie’s North Sea upstream team.

Headquartered in Stavanger, Norway, Equinor is a petroleum and wind energy company with operations in 36 countries and ranks as one of the world's largest oil and gas companies.
Photo: Signing ceremony. Credit: Equinor