Oil and gas corporation Exxon Mobil has apparently made it to the headlines for having increased its holdings in Argentina. As per authentic reports, the company’s arm, ExxonMobil Argentina Offshore Investments, alongside a partner of Qatar Petroleum, has been awarded three exploration blocks in Argentina’s debut offshore bid round.
Located around 200 mi offshore the Tierra del Fuego, in the Malvinas basin, these blocks include MLO-113, MLO-118, and MLO-117.
As per sources familiar with the knowledge of the matter, ExxonMobil will have access to operations in the blocks with a 70% working interest. The affiliate of Qatar Petroleum meanwhile, will hold a working interest of the rest of the 30%. 3D seismic data acquisition seems to be on the cards for the initial work program. Also, sources affirm that an official confirmation pertaining to the public tender results will be issued by the Secretariat of Energy, Argentina.
Reliable reports claim that the award in question adds a roundup of around 2.6 million net acres to the oil and gas giant’s existing holdings in Argentina. For the uninitiated, Exxon’s holdings in Argentina include a business support center located in Buenos Aires and the onshore Vaca Muerta.
Through its subsidiaries in the South American country, ExxonMobil presently holds interest in around 315,000 net acres that are spread over seven blocks onshore the Neuquén Basin. The business support center located in Buenos Aires boasts of a workforce of around 1,700 Argentine citizens employed across various corporate domains including information technology, finance, and human resources.
Mike Cousins, Senior Vice President, ExxonMobil Exploration and New Ventures, has been quoted to state that the company looks forward to working with its co-venturer and exploring this new opportunity in Argentina. The play-opening opportunity will enable Exxon to deploy its unique exploration capabilities as well as expertise as it analyses this new acreage, Cousins continued.