Argentina's oil company YPF has signed a deal with Statoil in a bid to gain further information on potential offshore drilling sites off the country’s Atlantic coast. 

To date, exploratory efforts in the Argentine Sea were carried out in shallow waters of the continental shelf, as well as in the basins of Salado and Coloradoas, and in the Golfo San Jorge and Malvinas basin.

Under the agreement, YPF plans to perform seismic tests in an area of common interest, mainly the continental slope of Argentine offshore where waters depths vary between 500m and 3,500m.

"Access to new information will be fundamental to understanding the area's potential."

For the 2D seismic survey, the area will be combed with a vessel specially equipped for the task.

Reuters quoted YPF saying in a statement: "For YPF and Statoil, access to new information will be fundamental to understanding the area's potential."

The area to be drilled extends more than 360,000km² from the border with Uruguay to 45° latitude, and is expected to have high-potential and high-risk.

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By GlobalData

YPF and Statoil believe that there may be several hydrocarbon prospects that need to be investigated in the basins of Salado, Colorado, as well as Argentina.

After completion of seismic tests, the information obtained will be processed, analysed and interpreted by both  companies.