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Equinor strikes joint offshore exploration deal with Argentina's YPF

Equinor ASA and Argentina-based energy company YPF Sociedad Anónima signed a preliminary agreement to jointly explore the CAN 100 offshore block in the North Argentinian Basin.

Under the agreement, YPF would transfer 50% of its share in the CAN 100 offshore block to Equinor, according to an Aug. 21 news release.

"Through this agreement, Equinor strengthens its position offshore Argentina, in line with our exploration strategy to access at scale in basins with high impact potential," Equinor Executive Vice President for Exploration Tim Dodson said.

The CAN 100 block covers 15,000 square kilometers and is the largest block located in the North Argentinian Basin. YPF started its first exploratory period of four years in May, when it acquired 100% of the block.

Currently, Equinor and YPF each hold a 50% stake in CAN 114, and 50% interest each in CAN 102. Both offshore blocks are located in the same area as CAN 100.