Statoil was awarded an oil and gas exploration license onshore Argentina, the company said on Thursday.
The Norwegian company said that as part of the Argentinian's local oil and gas company's fifth bidding round from Gas y Petroleo del Neuquen’s (GyP), Statoil was awarded the Bajo del Toro Este exploration license as operator in the Neuquen basin.
Statoil will operate the license with a 90 percent working interest, with GyP retaining a 10 percent interest.
"With the Bajo del Toro Este license award we are building our light oil position in a world-class unconventional resource play," Tim Dodson, Statoil’s executive vice president for exploration, said.
The Bajo del Toro Este exploration license permit covers an area of area of more than 133 square kilometers, located in western Argentina.
Statoil has committed to one exploration well within the four-year exploration period, which starts in 2018.
By Murat Temizer
Anadolu Agency
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