View all newsletters
Receive our newsletter - data, insights and analysis delivered to you
  1. News
January 15, 2021

Equinor and YPF to divest stake in CAN 100 block off Argentina to Shell

Equinor and Argentina’s state-owned YPF have signed an agreement to sell their jointly held non-operated stakes in the CAN 100 block offshore Argentina.

By Himaja Ganta

Equinor and Argentina’s state-owned YPF have signed an agreement to sell their jointly held non-operated stakes in the CAN 100 block offshore Argentina.

The companies plan to sell 30% of the non-operated interests to oil major Shell.

The CAN 100 block is said to be the largest block in the North Argentinian Basin. It comprises an area of 15,000km².

YPF purchased a 100% stake in the block in May 2019, following which the first exploratory period of four years started at the offshore block.

In August 2019, Equinor signed an agreement with YPF to jointly explore the CAN 100 offshore block.

In October that same year, Equinor farmed into the block and agreed to take over the operatorship in it.

Currently, Equinor and YPF each hold a 50% equity in the licence.

After the completion of the latest transaction, they will hold 35% each, with Shell holding the remaining 30% interest in the CAN 100 block.

According to Equinor, the agreement is yet to receive approval from government authorities.

In May 2019, the Argentinian Government awarded permits for hydrocarbon exploration in 18 offshore areas across three basins to companies, including Exxon Mobil, Total, Eni, and Royal Dutch Shell.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU

Thank you for subscribing to Offshore Technology