Equinor said it has added seven offshore exploration blocks to its portfolio, after presenting winning bids in the first open bid round for Argentinean offshore acreage in more than 20 years.
The licensing round offered a total of 38 blocks, and Argentina received bids from 13 companies worth a total of $995 million, the government said on Tuesday.
Equinor said on Wednesday it submitted winning bids for five blocks as operator, and also participated in winning bids for one block to be operated by YPF and one block to be operated by Total.
| Block Name | Size | Partnership |
|---|---|---|
| MLO 121 | 4,291 km2 | Equinor (operator, 100%) |
| MLO 123 | 3,787 km2 | Total (operator, 37.5%), YPF (37,5%) and Equinor (25%) |
| CAN 102 | 8,965 km2 | YPF (operator, 50%), Equinor (50%) |
| CAN 108 | 2,882 km2 | Equinor (operator, 100%) |
| CAN 114 | 7,079 km2 | Equinor (operator, 50%), YPF (50%) |
| AUS 105 | 2,157 km2 | Equinor (operator, 100%) |
| AUS 106 | 2,283 km2 | Equinor (operator, 100%) |
Equinor’s executive vice president for exploration Tim Dodson said the licensing round adds significant prospective acreage to the company's exploration portfolio.
“These awards fit with our exploration strategy, providing us with access at scale in basins with high impact potential,” he said.
“We are looking forward to mature these new opportunities and work together with our partners YPF, Argentina’s leading energy company, and Total, who has long experience from offshore activities in these waters,” Dodson said.
Equinor entered Argentina in 2017 and holds a 50% interest in the Bajo del Toro licence (YPF operator, 50%) and is operator with 90 % equity in the Bajo del Toro Este licence (partner Gas y Petróleo del Neuquén, 10%). Equinor also holds a 50 % interest in the Guanizul 2A (G2A) solar asset in Argentina.
US oil major ExxonMobil said on Tuesday its unit and an affiliate of Qatar Petroleum had won three exploration blocks offshore Argentina.