Equinor and Shell $355 Million Joint Acquisition of 49% stake in an onshore shale oil block in Argentina from Schlumberger


Martinez de Hoz & Rueda, Bruchou Fernández Madero & Lombardi and Martelli Abogados advised on the transaction

Equinor and Shell closed a joint acquisition of 49% stake in an onshore shale oil block in Argentina from Schlumberger for $355 million, Kallanish Energy learns from the companies.

The partners will each pay $177.5 million for their 24.5% interest in the Bandurria Sur unconventional block, located in Neuquén Province. The block is operated by YPF, which holds a 51% stake.

The block currently produces around 10,000 barrels of oil-equivalent per day, from its late pilot development phase. The block covers roughly 56,000 gross acres of shale oil reserves in the central area of the Vaca Muerta play and is adjacent to the Shell-operated Bajada de Añelo block.

Both Equinor and Shell see in the transaction as an opportunity to strengthen their positions in Argentina and expand their international portfolio.

Martelli Abogados advised Shell with Pablo De Rosso, Bernardo Bertelloni, Cecilia Balhas and Analia Selvaggi.

Bruchou, Fernández Madero & Lombardi advised Equinor with Javier Rodríguez Galli (Picture), María Lucila Winschel, Santiago P. Balbi, Pablo M. Muir, Martina Ceppi Perdriel and Youssef El Chaer.

Martinez de Hoz & Rueda advised Schlumberger with Fernando S. Zoppi, Tomás Lanardonne, Maximiliano Batista, Tomás Dellepiane, Clara Speroni and Tomás Beltramo.

Involved fees earner: Santiago Balbi – Bruchou, Ferna?ndez Madero & Lombardi; Martina Ceppi Perdriel – Bruchou, Ferna?ndez Madero & Lombardi; Pablo Muir – Bruchou, Ferna?ndez Madero & Lombardi; Javier Rodríguez Galli – Bruchou, Ferna?ndez Madero & Lombardi; Lucila Winschel – Bruchou, Ferna?ndez Madero & Lombardi; Cecilia Balhas – Martinelli Advogados; Bernardo Bertelloni – Martinelli Advogados; Pablo De Rosso – Martinelli Advogados; Analia Selvaggi – Martinelli Advogados; Maximiliano Batista – Martínez de Hoz & Rueda; Tomás Beltramo – Martínez de Hoz & Rueda; Tomás Dellepiane – Martínez de Hoz & Rueda; Tomás Lanardonne – Martínez de Hoz & Rueda; Clara Speroni – Martínez de Hoz & Rueda; Fernando Zoppi – Martínez de Hoz & Rueda;

Law Firms: Bruchou, Ferna?ndez Madero & Lombardi; Martinelli Advogados; Martínez de Hoz & Rueda;

Clients: Equinor ASA (former Statoil ASA); Schlumberger Limited; Shell;

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Author: Ambrogio Visconti.