Equinor, Shell Pay $177.5 Million Each for Stake in Argentinian Block
January 31 2020 - 7:19AM
Dow Jones News
By Dominic Chopping
Equinor ASA (EQNR.OS) said Friday that it and Royal Dutch Shell
PLC (RDSB.LN) have paid $177.5 million each for the joint
acquisition of the 49% interest held by Schlumberger Ltd. (SLB) in
the Bandurria Sur onshore block in Argentina's Neuquen
province.
Each partner has bought a 24.5% interest in the block that
covers around 56,000 gross acres.
The operator is YPF SA (YPF) with a 51% interest and the block
is in the late pilot phase of development with current production
at around 10,000 barrels of oil equivalent a day.
Equinor and Shell have also reached a preliminary agreement with
YPF to acquire a further 11% interest from YPF. On completion of
this additional transaction, which is subject to a number of
conditions including authority approval, Equinor and Shell will
each own a 30% non-operated interest with YPF owning a 40% interest
and continuing as operator.
Write to Dominic Chopping at dominic.chopping@wsj.com
(END) Dow Jones Newswires
January 31, 2020 07:04 ET (12:04 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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