Argentina's YPF said on Oct. 28 it signed a deal with Norway's Statoil ASA (NYSE: STO) to study potential drilling sites offshore Argentina's Atlantic coast. The seismic tests will be undertaken in waters 500 meters (m) to 3,500 m deep.
Argentina has vast oil and gas reserves that have gone untapped, in part due unpredictable policies and cyclical crises over recent decades. The country's new president vows to normalize the economy and attract investment.
"For YPF and Statoil, access to new information will be fundamental to understanding the area's potential," YPF said in a statement.
Energy companies around the world have curtailed exploration and investment due to a decline of more than 50% in the price of crude since mid-2014.
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