On 4 May 2020, local news reported that Gas y Petroleo del Neuquen has sold its 10% interest in the Aguada Federal Block to partners Wintershall Dea and ConocoPhillips â therefore exiting the concession. With the formal approvals granted, Wintershall Dea is the operator with 45% working interest, ConocoPhillips holds the remaining 45% working interest - no clarification how the companies split the 10%.  In December 2019, Wintershall Dea was granted formal approvals to transfer half of its working interest to ConocoPhillips in the Aguada Federal and Bandurria Norte blocks in the Province of Neuquen. Wintershall Dea is the operator of the block.  The 97.38 sq km Aguada Federal is situated in the Neuquen Embayment portion of the Neuquen Basin in the oil and gas window trend. Wintershall Dea has drilled nine unconventional horizontal wells in the Aguada Federal block since 2018.    Previously Wintershall Dea was operator with 90% working interest in the Aguada Federal block and provincial company GyP Neuquen holding the remaining 10%.     On 7 January 2014 German oil and gas company Wintershall AG announced signing a joint venture (JV) farm-in agreement with provincial oil and gas company GyP to jointly develop an unconventional pilot project in the Vaca Muerta Formation   Background Information  The Aguada Federal block is situated directly next to state company YPFâs La Amarga Chica block where the operator and its Malaysian state partner Petronas recently agreed to enter the development phase on their Vaca Muerta shale oil project in late-2018. Meanwhile, Bandurria Norte is located adjacent to YPFâs San Roque and Bajada de Anelo blocks, where the company intends to develop shale oil in 2020 as part of its 1.6 billion investment plan for 2020 to 2021.  On 7 January 2014 German oil and gas company Wintershall AG announced signing a JV farm-in agreement with provincial oil and gas company GyP to jointly develop an unconventional pilot project in the Vaca Muerta Formation. The governor of Neuquen Province Jorge Sapag signed a decree ratifying the agreement. The âAguada Federalâ project covers a 97 sq km area in the Aguada del Chanar Block. Between the years 2014 and 2016 Wintershall and GyP will evaluate the potential of the Vaca Muerta Formation in a first exploration phase which will involve drilling of up to six wells and an investment of approximately USD 110 million (100%). If successful the JV partners will move to a pilot project phase estimated at USD 300 million and requiring approximately 20 vertical and/or horizontal wells. A third phase, contingent upon the results of these E&P efforts, would involve the drilling of more than 320 wells and cost approximately USD 3 billion. Effective 13 January 2014, Wintershall will assume a 50% participation interest from GyP and become operator.  Wintershall, ranked as the fourth largest natural gas producer in Argentina, has been present in the country since 1978. With working interests in 15 oil and gas fields, it produces 26 MMboe a year (~70,000 boe/d). The largest part of the output comes from offshore fields off the coast of Tierra del Fuego, including Carina and Aries. Wintershall is Totalâs partner in the Vega Pleyade offshore gas development, set for production in 2016. The company is also present in the Neuqen Basin, with the production of conventional hydrocarbons since 1994 and the current evaluation of the Vaca Muerta shale. In 2012, two more assets were added to its portfolio. The CN-V and Ranquil Norte blocks, which cover a total area of 3,190 sq km in the province of Mendoza, are interpreted to hold potential for both conventional and unconventional hydrocarbons. The area is said to hold both shale gas and shale oil potential. In CN-V, Wintershall has a 100% interest, while in Ranquil Norte Total is partner with a 50% interest.
GYP NeuquÃ©n has reportedly withdrawn from the Aguada Federal block (97kmÂ²), its 10% to partners Wintershall Dea (op) + ConocoPhillips.