Argentina Faces Setback with Dry Well Discoveries
Equinor, the Norwegian company will continue to keep 75% of both blocks, which contrary to the North basin, already has proven elements of hydrocarbons which is has been exploiting for decades
The Argentine government recently approved the sale of three offshore blocks in the Austral basin following disappointing results from a well drilled by Equinor and Shell Oil off the coast of Buenos Aires province. Equinor’s decision to sell 25% of its blocks to Argentine oil company CGC drew attention and raised eyebrows in the industry and political sectors.
Despite the setback, private sources confirm that the sale had been in the works before the drilling of the dry well. The Norwegian company will retain 75% of the blocks with proven hydrocarbon elements. Continuing exploration efforts in the North Basin and Austral Basin highlight the importance of long-term exploration plans and technology.
The drilling of the first-ever ultra-deepwater well in the Argentine Sea marks a significant milestone in offshore exploration efforts. The thorough analysis of data collected will provide valuable insights into the hydrocarbon potential in the region.