The CEO of YPF, Sergio Affronti, the president of Equinor Argentina, Nidia Álvarez and the president of Shell Argentina, Sean Rooney, signed a preliminary agreement for the entry of Shell as a partner in the CAN 100 block located in the North Basin of the Argentine Sea.
As of this agreement, which has yet to pass the approval of the regulatory authority, Equinor will remain as operator.
Equinor and YPF will be divided equally 70% of the block and Shell will enter with the remaining 30%.
“For YPF, the signing of this agreement is a new step in the strengthening and expansion of the relationship with these two large energy companies. We are very excited to be able to provide the country with the knowledge and experience that Equinor and Shell have in the development of offshore projects in the world ”, said Sergio Affronti, CEO of YPF.
What is the CAN 100 block
The CAN 100 block covers an area of 15,000 km2 and is the largest block in the North Basin of the Argentine Sea. YPF, Shell and Equinor are already associated in the unconventional block of Bandurria Sur in Vaca Muerta.
In May 2019, 18 exploration blocks were awarded to search for gas and oil in the Argentine sea for 724 million dollars, in three basins of the Argentine Sea.
These basins represent 225,000 km2 of maritime surface:
Austral Basin (14,200 km2 with a depth of up to 100 meters) Malvinas Oeste Basin (86,400 km2, from 100 to 600 meters deep) and Argentine North Basin (100,200 km2 from 200 to 1,300 meters and from 1200 to 4000 meters in ultra-deep waters ).