Statoil hunting for oil in Argentina

Norwegian oil company Statoil is collaborating with an Argentinian energy company in the hunt for oil. 

Photo: /ritzau/AP/LM Otero

Norway is not the only country where Statoil is looking to make its fortune – South America is also on the radar for the Norwegian energy company. In collaboration with Argentinian YPF, Statoil is striving to establish an oil venture in Argentina.

Together with YPF, Statoil is taking over a drilling permit in the Bajo del Toro field in the Neuquen field in the South American country. Statoil will become partner with 50 percent of the ownership share, while YPF is operator and owns the other half.

As payment, Statoil will repay YPF for certain past costs and hold 100 percent of the cost on some of the future investments in the field.

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