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
Canada’s Completed TMX Pulling Crude Off of American-bound Pipelines
2024-11-04 - Trans Mountain completed work on the company’s namesake pipeline expansion on May 1. It was the end of a difficult and controversial pipeline project that started development in the 2010s under Kinder Morgan.
Diamondback, Kinetik Boost Stake in Permian EPIC Crude Pipeline
2024-09-24 - Diamondback Energy, in partnership with Kinetik, is boosting its takeaway capacity and ownership stake in the EPIC Crude pipeline after closing a $26 billion Permian Basin acquisition.
Electricity and LNG Drive Midstream Growth as M&A Looms
2024-09-26 - The midstream sector sees surging global and domestic demand with fewer players left to offer ‘wellhead to water’ services.
Pembina Acquires Gas Midstream Assets in US$295MM Deal
2024-09-09 - Pembina (PGI) is acquiring midstream assets in a CA$400 million (US$295million) agreement with Canada’s Veren Inc., which will continue to operate the acquired battery assets.
Uinta Railroad Up for Review as Supreme Court Term Begins
2024-10-03 - Court analysts say a decision on the proposed Uinta Basin railway, coming next year, could have a major impact on the energy industry.