Equinor, Total Win Argentine Offshore Blocks
Norwegian Equinor has won seven exploration blocks offshore Argentina in the latest licensing round, it said April 17.
Equinor is operator and 100% owner of five of the blocks. Of the other two, MLO 123 is operated by French Total (with 37.5%), the other shareholder being the national producer YPF (37.5%); and CAN 1o2 is operated by YPF (50%).
“We are very pleased to succeed in this competitive licensing round and to have added significant prospective acreage to our exploration portfolio. These awards fit with our exploration strategy, providing us with access at scale in basins with high impact potential,” said Equinor's excutive vice president for exploration, Tim Dodson.
Equinor's new acreage
(Source: Equinor)
“We are looking forward to mature these new opportunities and work together with our partners YPF, Argentina’s leading energy company, and Total, who has long experience from offshore activities in these waters,” said Dodson.
A total of 38 blocks were on offer in the licensing round, the first open bid round for Argentinean offshore acreage in more than 20 years.
Equinor entered Argentina in 2017 and holds a 50% interest in the Bajo del Toro licence (YPF operator, 50%) and is operator with 90 % equity in the Bajo del Toro Este licence (partner Gas y Petroleo del Neuquen, 10%). Equinor also holds a 50 % interest in the Guanizul 2A (G2A) solar asset in Argentina.
At time of press there was no statement from Total on its website concerning its block. US major ExxonMobil announced April 16 that it had won three blocks.