Oil and gas company, Equinor, will now add seven offshore exploration blocks to its portfolio, after presenting winning bids in the 1st Offshore Licensing Round in Argentina.
The bid round was arranged in Buenos Aires on 16 April.
A total of 38 blocks were on offer in the licensing round, the first open bid round for Argentinean offshore acreage in more than 20 years.
Equinor submitted the winning bids for five blocks as operator.
The Company also participated in winning bids for one block to be operated by YPF and one block to be operated by Total.
In commenting on the news, Equinor’s executive vice president for exploration, Tim Dodson, said that Equinor is very pleased to succeed in this competitive licensing round and to have added significant prospective acreage to its exploration portfolio.
“These awards fit with our exploration strategy, providing us with access at scale in basins with high impact potential,” said Mr Dodson.
“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.”
The Company entered Argentina in 2017 and now holds a 50 per cent interest in the Bajo del Toro licence (YPF operator, 50 per cent) and is operator with 90 per cent equity in the Bajo del Toro Este licence (partner Gas y Petróleo del Neuquén, 10 per cent).
Equinor participated in the following winning bids: