Norway's Statoil ASA (STO) said Thursday it has been awarded an exploration license in Argentina, taking a 90% interest as operator.
The award relates to the Bajo del Toro Este exploration license in the Neuquen basin and Statoil has committed to one exploration well within the four-year exploration period, which starts in 2018.
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"With the Bajo del Toro Este license award we are building our light oil position in a world-class unconventional resource play, the Vaca Muerta Formation," said Tim Dodson, Statoil's executive vice president for exploration.
Gas y Petroleo del Neuquen retains a 10% interest in the license.
Write to Dominic Chopping at firstname.lastname@example.org; Twitter: @domchopping @WSJNordics
(END) Dow Jones Newswires
November 30, 2017 03:53 ET (08:53 GMT)