ExxonMobil has increased holdings in Argentina after its subsidiary ExxonMobil Argentina Offshore Investments BV and an affiliate of Qatar Petroleum won three exploration blocks during Argentina’s first offshore bid round, the company said on April 16.
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 km) 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,” Mike Cousins, senior vice president of ExxonMobil Exploration and New Ventures, said. “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% working interest. A Qatar Petroleum affiliate will hold the remaining 30%. 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.
Recommended Reading
Cheniere’s Corpus LNG Stage 3 Project on Track for Year-end Start
2024-08-09 - Cheniere Energy., which boasts 45 mtpa of LNG production capacity, is on schedule for first LNG production from its Corpus Christi LNG Stage 3 project by year-end 2024, the company’s CEO Jack Fusco said during a quarterly earnings webcast.
Dividends Declared in the Week of Aug. 5
2024-08-09 - Here are second-quarter dividends declared from select upstream and midstream companies from the week of Aug. 5.
CenterPoint Prices Public Offering on its Common Stock
2024-08-08 - CenterPoint Energy expects approximately $250 million of gross proceeds from the offering.
Atlas Energy Appoints Chris Scholla as New COO
2024-08-07 - Chris Scholla previously served as Atlas Energy Solutions’ chief supply chain officer and pushed the company into the oilfield logistics market.
Bechtel Awarded $4.3B Contract for NextDecade’s Rio Grande Train 4
2024-08-06 - NextDecade’s Rio Grande LNG Train 4 agreed to pay Bechtel approximately $4.3 billion for the work under an engineering, procurement and construction contract.