Shell Farms Into Offshore Block in Argentina

OE Staff

January 14, 2021

Credit: Equinor

Oil and gas giant Shell has agreed to farm into the CAN 100 block, offshore Argentina, currently jointly owned by the Norwegian energy firm Equinor and Argentina's YPF.

In October 2019, Equinor farmed into the YPF CAN 100 block and agreed to take over the operatorship. 

Equinor and YPF have agreed with Shell to jointly farm-down 30% non-operated interests in the CAN 100 block, offshore Argentina.

Equinor and YPF currently both hold 50% equity in the license and will after the transaction hold 35% each, with Shell holding the remaining 30% in the block.

The CAN 100 block comprises an area of 15,000 km2 and is the largest block in the North Argentinian Basin. 

The agreement is pending governmental approval, Equinor said in a statement, without sharing info on the financial terms of the transaction.