Equinor and its partner Shell completed a joint acquisition of the 49% interest held by Schlumberger in the Bandurria Sur onshore block in Argentina’s Neuquen province, Equinor announced on Monday.
The consideration for each partner for their 24.5% interest is $177.5 million.
The block covers around 56,000 gross acres in the central area of the prolific Vaca Muerta play.
The operator is Argentina's YPF, currently with a 51% interest, and the block is in the late pilot phase of development with a current production of around 10,000 barrels of oil equivalent per day.
Equinor and Shell have also reached a preliminary agreement with YPF to acquire a further 11% interest from it.
On completion of this additional transaction, which is subject to a number of conditions including authority approval, Equinor and Shell will each own a 30% non-operated interest with YPF owning a 40% interest and continuing as operator.
Equinor participates in eight offshore blocks in Argentina, of which six as an operator.
By Murat Temizer