On 16 May 2019, the Argentine government granted CAN-108 block to Equinor following the companyâs offer of USD 16.17 million in Round 1 of the countryâs offshore bid round that ended on 16 April 2019. Equinor will operate the block with 100% participating interest. Work program for the first exploration period is assumed to be limited to seismic work, as there is no drilling commitment required by the government for blocks offered in Round 1 until the second exploration period. The CAN-108 block area is relatively unexplored with no discoveries or significant wells other than two wells that were drilled and P&Aâd with oil & gas shows by Union Texas in CAN-109 in the mid-1990âs.    CAN-108 covers 2,882 sq km of ultra-deepwater area in Argentina Basin with approximated water depth between 2,000 to 4,000 m. The block was formerly part of state company YPFâs E-1 block (or ENARSA 1) before it was reduced in late-2017/early-2018 prior to the bid round.  Along with CAN-108, Equinor also received 100%-held operatorship on the blocks of AUS-105 and AUS-106 in Austral Basin, as well as MLO-121 block in Malvinas Basin from Round 1. In addition, the company also won CAN-102 and CAN-114 in Argentina Basin in a partnership with YPF, along with MLO-123 block in Malvinas Basin as part of a consortium with YPF and operator Total.    Background Information    The Argentine government published Resolution 276/2019 on 16 May 2019 to award 18 blocks in Austral, Malvinas, and Argentina Basin from its Round 1 of its offshore bid round with a total committed investment of USD 724 million. An official resolution for granting the exploration permits is expected to be published on 1 August 2019, with official granting of the permits to follow within 15 days.
Equinor ASA received CAN-108 block from Round 1 offshore bid round, Argentina Basin