Equinor entered Argentina in 2017 where we participate in exploration licences both on- and offshore, as well as in projects within renewables. We opened an office in Buenos Aires in 2018. In January 2020, we announced a strengthening of our presence in Vaca Muerta.

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How to find us in Argentina

Regus Laminar Plaza
Ingeniero Enrique Butty 240
Floor: 5º
B1101AFB, Buenos Aires,
Argentina
Regus Laminar
Phone: +54 (11) 4590 2200

January 31, 2020: We’re strengthening our presence in Vaca Muerta.

Our onshore activities in Argentina


Equinor has strengthened the company’s presence in the Neuquén basin with interests in three exploration licences and one producing block in the prolific Vaca Muerta play.

Argentina’s unconventional oil and gas resources are among the world’s largest. The Vaca Muerta is a geological formation in the Neuquén basin covering 30,000 km² mainly in the province of Neuquén at the northern end of Patagonia, containing oil and gas found at a depth of more than 2,500 meters. Argentina’s Neuquén province is the country’s most prolific hydrocarbon basin.

Bajo del Toro 

In August 2017 Equinor, and Argentina’s leading energy company YPF entered into an agreement to jointly explore hydrocarbons in the Bajo del Toro block. We are in the process of converting the block into a 35 years exploitation concession.

Equinor entered the agreement as a partner with 50% interest and YPF as the operator with the remaining 50%. The Bajo del Toro exploration permit covers an area of 157 km² (38,800 acres) and the area has light oil potential in a world-class unconventional resource play. 
 
So far, two horizontal exploration wells have been drilled into the Vaca Muerta formation, completed and put on stream in 2019. 
 
Drilling of six new horizontal wells started late 2019. The plan is to finalise drilling and start production from these wells during 2021.  

Bajo del Toro Este 

In November 2017 Equinor was awarded the Bajo del Toro Este exploration licence as part of the Argentina’s Gas y Petróleo del Neuquén’s (GyP) 5th bidding round. 
 
Equinor will operate the licence with a 90 % working interest, with Gas y Petróleo del Neuquén retaining a 10 % interest. The Bajo del Toro Este licence borders the Bajo del Toro licence to the east. The Bajo del Toro Este exploration licence permit covers an area of 133 km² (32,865 ac). 
 
Equinor has committed to one exploration well before 2022.

Aguila Mora Noreste 

Equinor was awarded the Aguila Mora Noreste exploration licence in December 2019, as part of Gas y Petróleo del Neuquén’s bidding round. Equinor will be the operator with a 90 % working interest, with Gas y Petróleo del Neuquén holding the remaining 10 %. To the north the Aguila Mora Noreste licence borders both to the Bajo del Toro and the Bajo del Toro Este licences. The Aguila Mora Noreste exploration permit covers an area of 74,2 km² (18,335 acres).

Equinor has committed to one exploration well before 2023.

Bandurria Sur 

In January 2020, we announced a strengthening of our presence in Vaca Muerta (see press release here). Equinor and our partner Shell completed a joint acquisition of the 49% interest held by Schlumberger in the Bandurria Sur onshore block in Argentina’s Neuquén province. Later the same year Equinor and Shell acquired additional 11% interest from the operator, YPF.  Equinor and Shell now each own a 30% non-operated interest, with YPF owning a 40% interest continuing as operator.

The block is in the early development phase with a current production of around 8,000 barrels of oil equivalent per day. It covers around 56,000 gross acres in the central area of the prolific Vaca Muerta play.

Our offshore actvities in Argentina

In 2019 Equinor added eight offshore exploration blocks in Argentina to its portfolio. 

Equinor were granted permits for five blocks as operator and participated in winning bids for one block to be operated by YPF and one block to be operated by Total, in the 1st Offshore Licensing Round in April 2019. In August the same year Equinor farmed into the CAN_100 block with YPF in the North and took over operatorship. Following a farm-in agreement signed with Shell 14 January 2021, Equinor and YPF hold 35% each, with Shell holding the remaining 30% in the block. The agreement is pending governmental approval.

The blocks are spread across various basins and plays and adds significant prospective acreage to Equinor’s exploration portfolio and fit with our exploration strategy, providing us with access at scale in basins with high impact potential. 

Blocks Overview Block size km2
CAN_100 Equinor 35% (o) ,YPF 35%, Shell 30% 15000
CAN_108 Equinor 100% 2882
CAN_114 Equinor 50% (o), YPF 50% 7079
CAN_102 YPF 50% (o), Equinor 50% 8965
MLO_121 Equinor 100% 4291
MLO_123 Total 37.5% (o), YPF 37.5%, Equinor 25% 3787
AUS_105 Equinor 100% 2157
AUS_106 Equinor 100% 2283

Our renewable activities in Argentina

In June 2018 Equinor acquired a 50 % interest in the Guanizul 2A (G2A) solar asset from Martifer Renewables. The project, located in the San Juan Province, has a potential to provide around 80.000 Argentine households with renewable energy. The Norwegian solar power producer Scatec Solar holds the other 50 % of the asset.