Country manager Nidia Alvarez (third from left) and exploration manager for Argentina

Norwegian exploration company Statoil has secured the Bajo del Toro Este exploration licence in the Neuquén basin, Argentina.

The licence was granted as part of the Gas y Petróleo del Neuquén’s (GyP) fifth bidding round.

With a 90% interest, Statoil will become operator of the licence, while GyP will retain a 10% interest.

Statoil Exploration executive vice-president Tim Dodson said: “With the Bajo del Toro Este licence award, we are building our light oil position in a world-class unconventional resource play, the Vaca Muerta Formation.

“With increased ownership interests, and Statoil now becoming an operator, we are positioned to test the extent of the play and optimise with respect to materiality. We will also leverage our US onshore experience.”

“With increased ownership interests, and Statoil now becoming an operator, we are positioned to test the extent of the play and optimise with respect to materiality.”

Covering an area of more than 133km², the licence borders the Bajo del Toro licence to the west.

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In August this year, the company signed an agreement with Argentina’s energy company YPF to jointly explore the Vaca Muerta Formation in the Bajo del Toro block.

Located in the Neuquén basin, Vaca Muerta is a geological formation covering an area of 30,000km² and containing oil and gas at a depth of more than 2,500m.

Statoil noted that securing the licence is consistent with its exploration strategy of delivering profitable, high-quality resources.

The company is planning to take up one exploration well within the four-year exploration period, which starts next year.