Equnior and Argentine energy company, YPF, have entered into an agreement with Shell to jointly farm-down 30 per cent non-operated interests in the CAN 100 block, located in the North Argentinian Basin, offshore of Argentina.

In April 2019, Equinor was 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 country’s first Offshore Licensing Round.

In October that same year, Equinor farmed into the YPF CAN 100 block and agreed to take over the operatorship.

Equinor and YPF currently both hold 50 per cent equity in the licence and, after the transaction, will hold 35 per cent each, with Shell holding the remaining 30 per cent in the block.

The CAN 100 block comprises an area of 15,000 square kilometres and is the largest block in the North Argentinian Basin.

The agreement is pending governmental approval.