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Equinor, Shell pay $177.5M each for stake in Argentina oil block

|About: Equinor ASA (EQNR)|By: , SA News Editor

Equinor (NYSE:EQNR) and partner Royal Dutch Shell (RDS.A, RDS.B) say they have paid a combined $355M to jointly acquire Schlumberger’s (NYSE:SLB) 49% interest in Argentina’s onshore Bandurria Sur block.

Each partner bought a 24.5% interest in the block that covers ~56K gross acres in the central area of the Vaca Muerta play.

The two companies also reached a preliminary agreement with 51%-owner YPF to acquire an additional 11% interest, which would give Equinor and Shell each a 30% non-operated interest and YPF owning 40% interest and continuing as operator.

SOURCE

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