BUENOS AIRES, Oct 28 (Reuters) – Argentina’s state-controlled energy company YPF said on Friday it signed a deal with Norway’s Statoil to study potential offshore drilling sites off Argentina’s Atlantic coast.
Argentina has vast oil and gas reserves that have gone untapped, in part due unpredictable policies and cyclical crises over recent decades. The country’s new president vows to normalize the economy and attract investment.
The seismic tests will be undertaken in waters of 500 to 3,500 meters.
“For YPF and Statoil, access to new information will be fundamental to understanding the area’s potential,” YPF said in a statement.
Energy companies around the world have curtailed exploration and investment due to a more than 50 percent decline in the price of crude since mid-2014.
(Reporting by Walter Bianchi; Editing by Tom Brown)
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