As part of Argentinaâs Gas y PetrÃ³leo del NeuquÃ©nâs (GyP) 5th bidding round, Statoil has been awarded the Bajo del Toro Este exploration licence as operator in the NeuquÃ©n basin. Statoil will operate the licence with a 90% working interest, with Gas y PetrÃ³leo del NeuquÃ©n (GyP) retaining a 10% interest. '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', says Statoilâs executive vice president for Exploration, Tim Dodson. The Bajo del Toro Este licence borders the Bajo del Toro licence to the west. Statoil and Argentinaâs energy company YPF entered a (preliminary) agreement to jointly explore the Vaca Muerta Formation in the Bajo del Toro block in August 2017. 'With increased ownership interests, and Statoil now becoming an operator, we are positioned to test the extent of the play and optimize with respect to materiality. We will also leverage our US onshore experience' says Dodson. The opportunities have an excellent fit with Statoilâs sharpened strategy, and is in line with the companyâs exploration strategy of delivering profitable, high-quality resources. The Bajo del Toro Este exploration licence permit covers an area of area of more than 133 km2 (32,865 ac). The licence is located in the NeuquÃ©n Basin in the western part of Argentina. Statoil has committed to one exploration well within the four-year exploration period, which starts in 2018. Original article link Source: Statoil 
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