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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.

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By GlobalData

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.