Statoil, YPF in Argentina pact

October 28, 2016

Norwegian giant Statoil and Argentina’s state owned company YPF have entered a cooperation agreement to study the offshore areas of Argentina.

Darre, Dodson. Image from YPF.

YPF CEO Ricardo Darre, and Statoil’s Executive VP of Exploration Tim Dodson, signed a cooperation agreement, which mainly covers the continental slope of Argentina’s offshore. 

The area extends over 360,000sq km ranging from the border with Uruguay to 45 ° latitude (north of Comodoro Rivadavia, Chubut province), where water depths vary between 500-3500m.

The area is thought to be high potential and high risk, and both companies believe there may be several hydrocarbon prospects to be investigated in the basins of Salado, Colorado and Argentina. 

The agreement provides for the study of new 2D seismic to be acquired in an area of common interest. In the second stage, Statoil and YPF will process, analyze and interpret the information obtained. 

“So far, exploratory efforts in the Argentine Sea were focused in shallow waters of the continental shelf, in the basins of the Salado and Colorado; in addition to others made in the waters of the basin of the Golfo San Jorge and Malvinas basin,” YPF said. “In recent years, YPF made a comprehensive study of the offshore South Atlantic (Uruguay and Argentina) covering all basins and includes the potential in deepwater.

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