Equinor and its accomplice Shell have accomplished a joint acquisition of the 49% curiosity held by Schlumberger within the Bandurria Sur onshore block in Argentina’s Neuquén province. The consideration for every accomplice for his or her 24.5% curiosity is USD 177.5 million.
The block covers round 56,000 gross acres within the central space of the prolific Vaca Muerta play. The operator is YPF (at present with a 51% curiosity) and the block is within the late pilot section of improvement with a present manufacturing of round 10,000 barrels of oil equal per day.
Equinor and Shell have additionally reached a preliminary settlement with YPF to amass an extra 11% curiosity from YPF. On completion of this extra transaction, which is topic to quite a few situations together with authority approval, Equinor and Shell will every personal a 30% non-operated curiosity with YPF proudly owning a 40% curiosity and persevering with as operator.
“We are more than happy to accomplice with Shell within the Bandurria Sur block, an asset in an space with vital potential, and to additional develop our shut partnership with YPF, with whom we’re already exploring a number of onshore, offshore and renewable alternatives in Argentina. We are broadening our actions in Argentina in assist of our technique to construct worldwide progress choices,” says Nidia Álvarez Crogh, Equinor’s nation supervisor for Argentina.
As a results of the finished transaction a former subsidiary of Schlumberger, which holds the 49% curiosity within the block, is now equally owned by Equinor and Shell. The efficient date of this transaction is 1 January 2020.
Equinor participates in eight offshore blocks in Argentina, six as operator. Equinor can be a 50% accomplice with YPF (operator) within the Bajo del Toro onshore block and has a 90% operated curiosity within the neighbouring blocks Bajo del Toro Este and Aguila Mora Noreste, with Gas y Petróleo de Neuquén. In addition, Equinor has pursuits within the Cañadón León onshore wind farm in Santa Cruz and the Guañizuil 2A (G2A) photo voltaic asset.
(Source: Equinor – Image: drilling rig in Bandurria Sul, Vaca Muerta/YPF)
The submit ARGENTINA – EQUINOR AND SHELL ACQUIRE SCHLUMBERGER’S INTERESTS IN VACA MUERTA appeared first on Energy Global News.