MercoPress. South Atlantic News Agency

South Atlantic deep water seismic survey between YPF and Norway's Statoil

YPF CEO Ricardo Darre and Statoil Exploration vice president Tim Dodson sign the agreement in Oslo

Argentina's oil company YPF and Norway's Statoil have signed a cooperation agreement to further gather information on Argentina's offshore potential. The accord was signed in Oslo between YPF CEO Ricardo Darré and Statoil Exploration vice president Tim Dodson.

 The area covered extends from the maritime border with Uruguay to 45o. latitude south (just north of Comodoro Rivadavia) with water depths ranging between 500 and 3.500 meters. The 360.000 sq kilometers area is considered a frontier zone, with high potential although high risk, but both companies consider the possible existence of hydrocarbon prospects in the Salado, Colorado and Argentina basins.

According to the official release new info on the potential is essential to have a better idea of prospects. The 2D seismic survey means having the area combed with a vessel especially equipped for the task. In a second phase the data collected will be processed, analyzed and interpreted.

According to the official release, YPF exploration efforts so far have been limited to relatively shallow waters along the Argentine shelf in the Salado and Colorado basins, and some further deep in the San Jorge Gulf and Malvinas basins.

In recent years YPF completed an integral offshore survey of the South Atlantic (including Uruguay and Argentina) which covers all those basins considered with potential, but since 2012 has extended the strategy to deep waters and has since been involved systematically in these activities.

The accord will enable YPF to work next to Statoil, a company with long experience in deep waters, which is has acquired operating offshore Brazil and in the outskirts of the North Sea, concludes the joint statement.