Statoil wins Vaca Muerta block

NEUQUÉN, November 30, 2017 – Statoil has been awarded an exploration licence for Argentina’s Bajo del Toro Este block, the Norwegian company announced Thursday in a press statement.

The company participated in Neuquén’s fifth bidding round, coming away with a 90% operating stake in the 133-square-kilometre block. Provincial oil company Gas y Petróleo del Neuquén holds the remaining interest. 2018 will mark the start of the area’s four-year exploration period, in which Statoil must drill at least one well.

“With the Bajo del Toro Este licence award, we are building our light oil position in a world-class unconventional resource play, the Vaca Muerta formation,” Tim Dodson, Statoil’s executive vice-president for exploration, said in the statement.

“With increased ownership interests, and Statoil now becoming an operator, we are positioned to test the extent of the play and optimise with respect to materiality. We will also leverage our US onshore experience.”

The Norwegian company is already present in the Vaca Muerta play through its partnership with Argentinian NOC YPF in the adjacent Bajo del Toro block. The companies entered an exploration agreement for the area in August.

Another Neuquén block, Parva Negra Oeste has been granted to Retama Argentina in partnership with Gas y Petróleo del Neuquén.

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