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Source: MercoPress

Argentina's oil company YPF and Norway's Statoil have signed a cooperation agreement to further gather information on Argentina's offshore potential. The accord was signed in Oslo between YPF CEO Ricardo Darré and Statoil Exploration vice president Tim Dodson.

The area covered extends from the maritime border with Uruguay to 45o. latitude south (just north of Comodoro Rivadavia) with water depths ranging between 500 and 3.500 meters. The 360.000 sq kilometers area is considered a frontier zone, with high potential although high risk, but both companies consider the possible existence of hydrocarbon prospects in the Salado, Colorado and Argentina basins.

According to the official release new info on the potential is essential to have a better idea of prospects. The 2D seismic survey means having the area combed with a vessel especially equipped for the task. In a second phase the data collected will be processed, analyzed and interpreted.