Gulf Oil and Gas accountACCOUNT

Statoil & YPF Sign Exploration Agreement for Vaca Muerta

Source: www.gulfoilandgas.com 8/25/2017, Location: South America

Statoil and Argentina’s leading energy company YPF have entered into an agreement to jointly explore hydrocarbons in the Bajo del Toro block in the Neuquen Basin onshore Argentina.

The preliminary agreement (term sheet) between the companies was signed in Geneva by Statoil’s executive vice president for Exploration, Tim Dodson, and YPF’s vice president for business development & development engineering, Sergio Giorgi.

Statoil will enter the Bajo del Toro exploration permit in the Neuquen Basin as a partner with a 50 % participating interest, with the operator YPF retaining a 50 % interest. As a consideration, Statoil shall recognize to YPF past cost incurred in the block and fund 100% of the cost of certain future activities in the block (promote). The Bajo del Toro exploration block represents a country-entry for Statoil into Argentina.

“This is a light oil exploration project in a world-class unconventional resource play, the Vaca Muerta formation. The opportunity has an excellent fit with Statoil’s sharpened strategy, and is in line with our exploration strategy of delivering profitable, high-quality resources,” says Tim Dodson.

“We are very pleased to expand our cooperation with YPF, the leading player in the Neuquen Basin, and look forward to work closely with them to unlock the potential in the Bajo del Toro block,” says Dodson.

“Bringing in a new international player like Statoil into the country shows confidence in Vaca Muerta as a promising shale play and in YPF as a leading operator. We are pleased to expand the cooperation between both companies”, says YPF Chairman, Miguel Angel Gutierrez.

The Bajo del Toro exploration permit covers an area of 157 km2 (38,800 acres), located in the Neuquen Basin in the west-central part of Argentina. The Vaca Muerta formation is the main target in the basin. In the next few months, the parties will conclude the final agreements. Prior to closing of the deal, the agreements have to be approved by the Neuquen provincial authorities.

In 2016, Statoil signed a technical study agreement with YPF to map exploration opportunities in a large area of the continental slope offshore Argentina.

Exploration News in Argentina >>

Guyana >>  12/11/2018 - Total is ready to start its exploration campaign on the Guyane Maritime license, located 150 kilometers off the French Guyana coast, in the days follo...
Angola >>  12/10/2018 - Eni struck a new oil discovery in the Afoxé exploration prospect located in Block 15/06, offshore Angola. The discovery is estimated to contain betwee...

Canada >>  12/10/2018 - The Canada-Nova Scotia Offshore Petroleum Board (CNSOPB) has issued Call for Bids NS18-3, which includes two industry-nominated parcels. Bids must be ...
Ghana >>  12/6/2018 - UK oil explorer Tullow Oil is seeking partners in a bid to acquire a new oil block in Ghana which launched its first oil bidding round in October, the...

Kazakhstan >>  12/4/2018 - Reach Energy has announced that its exploration well, North Kariman-3 ('NK-3'), located in the North Kariman field in the onshore Emir Oil Concession ...
Russia >>  11/29/2018 - Rosneft Oil Company and Chinese Hengli Group signed a cooperation agreement as part of the first Russian-Chinese energy business forum. The document w...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Argentina Oil & Gas 1 >>  2 | 3 | 4 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.