NiseriN/iStock via Getty Images
Equinor (NYSE:EQNR) said Thursday its first highly anticipated exploration well drilled in a new frontier basin offshore Argentina showed no indications of oil or natural gas.
Expectations were running high in the local oil industry, pointing to a potential initial production of 200K bbl/day, S&P Global reported.
Equinor (EQNR) led the drilling of the Argerich-1 exploration well in the CAN-100 block as operator with a 35% stake, alongside its two partners, Argentina’s state-run YPF (YPF) with 35% and Shell (SHEL) with 30%.
The well was the first to be drilled in the North Argentine Basin, located in the south Atlantic 300 km off the coast of Buenos Aires province in deep waters.
The results come after YPF (YPF) and government officials suggested the North Argentine Basin could rival the huge Vaca Muerta onshore shale play.