ExxonMobil Wins 3 Blocks Off Argentina

Laxman Pai
Wednesday, April 17, 2019

U.S. oil major Exxon Mobil Corp said  that its unit and an affiliate of Qatar Petroleum had won three exploration blocks offshore Argentina.

ExxonMobil has increased holdings in Argentina after its subsidiary ExxonMobil Argentina Offshore Investments B.V. and an affiliate of Qatar Petroleum won three exploration blocks during Argentina’s first offshore bid round.

The award adds approximately 2.6 million net acres to its existing holdings in Argentina, which includes the onshore Vaca Muerta unconventional oil play and a business support center in Buenos Aires.

The blocks are located in the Malvinas basin, approximately 200 miles (320 kilometers) offshore Tierra del Fuego and include MLO-113, MLO-117 and MLO-118.

“We look forward to working with our co-venturer to explore this new opportunity in Argentina,” said Mike Cousins, senior vice president of ExxonMobil Exploration and New Ventures. “This potential play-opening opportunity will allow ExxonMobil to use its unique exploration capabilities and expertise as it evaluates this new acreage.”

ExxonMobil will operate the blocks with 70 percent working interest. A Qatar Petroleum affiliate will hold the remaining 30 percent. The initial work program will include 3-D seismic data acquisition. A resolution will be issued by Argentina’s Secretariat of Energy confirming the public tender results.

ExxonMobil through its subsidiaries in Argentina currently holds interest in approximately 315,000 net acres spanning seven blocks in the onshore Neuquén Basin of the Vaca Muerta formation. The business support center in Buenos Aires employs approximately 1,700 Argentine citizens in various corporate functions such as human resources, information technology and finance.

Categories: Offshore Energy Oil Gas Regulation

Related Stories

MSE Int'l Wins Funding for Port Recharging Project

Norway's O&G Production Beats Expectations

Cargotec to sell MacGregor to Triton for Over $500M

Current News

Danos Leaders Recognized in “40 Under 40” Lists

ExxonMobil to Drill for Gas Off Cyprus in January

Mocean Energy Raising Funds to Advance Wave Energy Tech

Seadrill’s Drillships Getting Ready to Start Work Off Brazil

Subscribe for OE Digital E‑News