Statoil enters Argentina in Vaca Muerta pact with YPF
Statoil will enter the 157 square kilometre Bajo del Toro exploration permit as a partner with 50% participating interest, with operator YPF retaining 50% interest. As a consideration, Statoil will recognise past costs incurred on the block and fund 100% of the cost of certain future activities.
The 30,000 square kilometre Vaca Muerta formation is the main target in the basin. Oil and gas in the formation are found at more than 2,500 metres.
Statoil and YPF in 2016 signed a technical study agreement to map exploration opportunities in a large area of the continental slope offshore Argentina.
Separately, YPF Chief Executive Officer Ricardo Darre has resigned citing personal reasons, the company said in statement on the 28th August. The company now will be run by a six-member executive committee.