Wintershall has signed a farm-in-agreement with Gas y Petróleo del Neuquén, for the exploration and a possible development of the hydrocarbon block Aguada Federal in the Neuquén province of Argentina. The block comprises 97 km2 of the prospective Vaca Muerta shale, located in the Añelo department in the east of Neuquén province. Wintershall acquires a 50% participation interest from GyP in the Aguada Federal block and assumes operatorship. In September 2013, both parties had already signed a letter of intent concerning this transaction. GyP has been performing exploration activities in this area since 2012, including the drilling of one well. In the next two years Wintershall and GyP will evaluate the potential of the Vaca Muerta formation in a first exploration phase – including drilling of up to six wells with an investment of about €80m (100%). Following a successful exploration phase, GyP and Wintershall will continue with further development of the resource.
Wintershall has been active in Argentina since 1978 – with natural gas production the main area of its activities. Wintershall Energía S.A. has working interests in 15 oil and gas fields with an annual production of 26 mboe. The greatest share of production comes from offshore fields off the coast of Tierra del Fuego. Here Wintershall is participating in the development of the Total Austral operated new gas field Vega Pleyade, which is set to begin production in 2016.