Wintershall Dea and ConocoPhillips agreed to develop the Aguada Federal and Bandurria Norte blocks in the Neuquén Basin. Credit: Wintershall Dea/Ignacio Coló.

German oil and gas company Wintershall Dea and US-based energy firm ConocoPhillips have signed an agreement to jointly develop the Aguada Federal and Bandurria Norte blocks in Neuquén, Argentina.

The blocks hold significant oil and natural gas resources in the prospective Vaca Muerta shale formation.

Wintershall Dea will continue to operate the licences under the sales and purchase agreement.

Wintershall Dea Latin America board member Thilo Wieland said: “ConocoPhillips’ extensive know-how developed across unconventional operations in US shale plays complements Wintershall Dea’s technological expertise and decades of local experience.

“We are excited about this new partnership as it will allow us to expedite the development of the two blocks.”

Wintershall Dea has already conducted pilot projects in both blocks. The production testing is currently underway.

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As part of the transaction, ConocoPhillips will purchase a 45% stake in the Aguada Federal block while Wintershall Dea will retain a 45% interest as the operator. The remaining 10% share will be held by Gas y Petróleo del Neuquén.

ConocoPhillips will also buy a 50% share in the nearby Bandurria Norte block, which comprises an area of 105km². Wintershall Dea will operate the block and retains the remaining 50% share.

Expected to close this year, the transaction is subject to approval from the respective authorities.

Wintershall Dea produces gas and oil from various conventional and tight gas reservoirs. The company has been in operation for more than 20 years in the province of Neuquén.