Equinor has won the right to explore seven blocks offshore Argentina and to run production operations at five of them, the Norwegian oil and gas firm said on April 17.
Argentina has received bids from 13 companies worth a total of $995 million in its first offshore licensing round, the government said on April 16.
Equinor said it had submitted the winning bids for five blocks as operator. It also took part in winning bids for one block to be operated by Argentina’s YPF and another to be operated by France’s Total.
Equinor has 100% interest in the five operated blocks, 50% interest in the YPF-operated block and 25% interest in the Total-operated block, the company added.
“These awards fit with our exploration strategy, providing us with access at scale in basins with high impact potential,” Equinor’s exploration head Tim Dodson said.
Equinor entered Argentina in 2017 and has stakes in a few onshore exploration licenses.
A total of 38 blocks were offered in the licensing round, the first open bid round for Argentinean offshore acreage in more than 20 years.
U.S. oil major Exxon Mobil Corp. said on April 16 its unit and an affiliate of Qatar Petroleum had won three exploration blocks offshore Argentina.
Equinor shares were up 1.6% in early trading.
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