Statoil Secures Onshore Argentina Exploration License
Statoil ASA has been awarded the Bajo del Toro Este exploration license as operator in the Neuquén basin, as part of Argentina’s Gas y Petróleo del Neuquén’s (GyP) 5th bidding round.
As a result of the award, Statoil will operate the license with a 90 percent working interest, with Gas y Petróleo del Neuquén (GyP) retaining a 10 percent stake.
“With the Bajo del Toro Este license award we are building our light oil position in a world-class unconventional resource play, the Vaca Muerta Formation”, said Statoil’s executive vice president for exploration, Tim Dodson, in a company statement.
“With increased ownership interests, and Statoil now becoming an operator, we are positioned to test the extent of the play and optimize with respect to materiality. We will also leverage our US onshore experience” he added.
The Bajo del Toro Este license borders the Bajo del Toro license to the west. Statoil and Argentina’s energy company, YPF, entered a (preliminary) agreement to jointly explore the Vaca Muerta Formation in the Bajo del Toro block in August 2017.
Bajo del Toro Este’s exploration license permit covers an area of area of more than 133 square km. Statoil has committed to one exploration well within the four-year exploration period, which starts in 2018.
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