18.01.201812:56:00UTC+00ARGENTINA: YPF And Statoil Reach Exploration Agreement In Neuqu?n

Argentinean state-owned oil company YPF sealed a definitive agreement with Statoil Argentina, a subsidiary of Statoil Holding Netherlands, to the joint exploration and development of the Bajo del Toro area, located in the Argentinean Province of Neuqu?n.

Through the agreements, YPF transferred a 50% stake in the exploration permit to Statoil. YPF will remain the area operator with a 50% stake.

The agreements contemplate the joint development program in two stages. During the first phase, the companies will develop two horizontal wells, while during the second stage they will develop six horizontal wells and the corresponding infrastructure.

Statoil will pay YPF US$ 30 million and will pay for the costs and investments required by the development program up to the sum of US$ 270 million.