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Equinor Strengthens Presence in Vaca Muerta in Argentina

Gasoil News - Published on Tue, 11 Feb 2020

Image Source: Equinor Vaca Muerta
Equinor and its partner Shell have completed a joint acquisition of the 49% interest held by Schlumberger in the Bandurria Sur onshore block in Argentina’s Neuquén province. The consideration for each partner for their 24.5% interest is USD 177.5 million. The block covers around 56,000 gross acres in the central area of the prolific Vaca Muerta play. The operator is YPF (currently with a 51% interest) and the block is in the late pilot phase of development with a current production of around 10,000 barrels of oil equivalent per day.

Equinor and Shell have also reached a preliminary agreement with YPF to acquire a further 11% interest from YPF. On completion of this additional transaction, which is subject to a number of conditions including authority approval, Equinor and Shell will each own a 30% non-operated interest with YPF owning a 40% interest and continuing as operator.

As a result of the completed transaction a former subsidiary of Schlumberger, which holds the 49% interest in the block, is now equally owned by Equinor and Shell. The effective date of this transaction is 1 January 2020.

Equinor participates in eight offshore blocks in Argentina, six as operator. Equinor is also a 50% partner with YPF (operator) in the Bajo del Toro onshore block and has a 90% operated interest in the neighbouring blocks Bajo del Toro Este and Aguila Mora Noreste, with Gas y Petróleo de Neuquén (GyP). In addition, Equinor has interests in the Cañadón León onshore wind farm in Santa Cruz and the Guañizuil 2A (G2A) solar asset.

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Posted By : Yogender Pancholi on Tue, 11 Feb 2020
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