In a significant development for Argentina's energy sector, the country's first ultra-deepwater exploration well, Argerich-1, has been declared dry. Drilled by Norway's Equinor at the CAN-100 block in the Argentina Norte basin, approximately 300km off the coast of Buenos Aires province, this pioneering project did not yield the anticipated hydrocarbons.
Despite this result, Equinor remains committed to further exploration in the region. The company holds full ownership of the CAN-108 license and a 50% stake in CAN-102, operated by YPF. Equinor's interests also extend to the Malvinas Oeste and Austral basins, with significant stakes in multiple licenses. Argentina's government has been proactive in fostering offshore exploration, awarding 18 areas to nine company groups during the 2018-19 licensing round.