Statoil enters Argentina in Vaca Muerta pact with YPF
Statoil ASA and YPF SA have agreed to jointly explore for oil and gas in the Neuquen basin onshore Argentina.
Statoil will enter the 157-sq-km Bajo del Toro exploration permit as a partner with 50% participating interest, with operator YPF retaining 50% interest. As a consideration, Statoil will recognize past costs incurred on the block and fund 100% of the cost of certain future activities.
The 30,000-sq-km Vaca Muerta formation is the main target in the basin. Oil and gas in the formation are found at more than 2,500 m.
Statoil and YPF in 2016 signed a technical study agreement to map exploration opportunities in a large area of the continental slope offshore Argentina.
Separately, YPF Chief Executive Officer Ricardo Darre has resigned citing personal reasons, the company said in an Aug. 28 statement. The company now will be run by a six-member executive committee.