Monday, March 27, 2023

Equinor to go after Namibia-like exploration success offshore Argentina

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Equinor, the Norwegian state-owned multinational energy company, operates a Block offshore Argentina called CAN-100, which the country hopes later this year will yield a discovery as successful as Namibia’s.

Rystad Energy’s Senior Vice President and Head of Latin America, Schreiner Parker reported the plans in the firm’s recent energy insights.

Shell and TotalEnergies had made two breakthrough discoveries at the Graff and Venus wells offshore Namibia earlier this year, which turned the Orange basin into Africa’s newest exploration hotspot.

Notably, the geological play encountered there has been compared to the Guyana-Suriname basin, where ExxonMobil has discovered nearly 11 billion oil-equivalent barrels in the Stabroek Block since 2015.

At the Argentine 15,012-km2 CAN-100 Block, Equinor has a 35% stake, and is joined by the majority state-owned Argentine energy company, YPF (35%), and Shell (35%).

The target is a wildcat and will be spud later this year.

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