YPF, Statoil in Argentina MoU

The Argentinian and Norwegian NOCs will analyse opportunities to work together throughout the energy industry under an agreement signed on Monday.

In a joint statement, the companies said they had agreed to evaluate “development opportunities onshore, offshore and in other business areas,” with a “commitment to strengthen the existing relationship between both companies.”

The MoU extends co-operation between the two NOCs, which in January finalised a 50/50 partnership in the Bajo del Toro exploration block in Vaca Muerta.

The Norwegian company paid USD 30 million in up-front costs and will be responsible for 100% of the costs of certain activities at the block, estimated to reach up to USD 270 million. Bajo del Toro’s work programme is divided into two stages, the first of which will include two horizontal wells. The second phase will see the drilling of six additional wells and installation of associated infrastructure.

The latest co-operation agreement signed by the two companies comes as Norway’s King Harald V visits Argentina with a business delegation to strengthen bilateral relations.