Statoil and YPF have entered into an agreement to jointly explore hydrocarbons in the Bajo del Toro block in the Neuquén Basin onshore Argentina.
Statoil will enter the Bajo del Toro exploration permit in the Neuquén Basin as a partner with a 50 % participating interest, with the operator YPF retaining a 50 % interest.
In 2016, Statoil signed a technical study agreement with YPF to map exploration opportunities in a large area of the continental slope offshore Argentina.
The Vaca Muerta is a geological formation of 30,000 km² located mainly in the province of Neuquén and containing oil and gas found at a depth of more than 2,500 meters. Argentina’s Neuquén province is the country’s most prolific hydrocarbon basin.
Vaca Muerta is expected to host major deposits of tight oil (shale oil) and shale gas. According to the U.S. Energy Information Administration, the formation contains 16.2 Bbbl of tight oil (shale oil) and 308 Tcf of shale gas.
The Vaca Muerta Shale has long been known as a major petroleum source rock for conventional accumulations in the Neuquén Basin, which has had oil production since the 1920s.