ExxonMobil Wins Three Blocks in Argentina Offshore Bid Round
17 April 2019 - 5:40AM
Business Wire
- Adds approximately 2.6 million net
acres to upstream holdings in Argentina
- Acquisition builds on existing
Argentina presence in the Neuquén Province
- Initial offshore work program consists
of 3-D seismic data acquisition
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.
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and
gas company, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is the largest refiner and marketer of
petroleum products, and its chemical company is one of the largest
in the world. For more information, visit www.exxonmobil.com or
follow us on Twitter www.twitter.com/exxonmobil.
Cautionary Statement: Statements of
future events or conditions in this release are forward-looking
statements. Actual future results, including project plans and
schedules and resource recoveries could differ materially due to
changes in market conditions affecting the oil and gas industry or
long-term oil and gas price levels; political or regulatory
developments including obtaining necessary regulatory permits;
reservoir performance; the outcome of future exploration and
development efforts; technical or operating factors; the outcome of
commercial negotiations; and other factors cited under the caption
“Factors Affecting Future Results” on the Investors page of our
website at exxonmobil.com. References to “resources” in this
release include quantities that are not yet classified as proved
reserves under SEC rules but that are expected to be ultimately
recoverable.
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