ExxonMobil Awarded Three Argentine Blocks

US supermajor ExxonMobil said April 16 it had been awarded, in partnership with Qatar Petroleum, three blocks in Argentina’s first offshore bid round.

All three blocks are in the Malvinas basin, some 320 km (200 miles) offshore Tierra del Fuego. Together, they add about 2.6mn net acres to ExxonMobil’s upstream holdings in Argentina.

“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 is operator on the three blocks, with a 70% working interest. An affiliate of Qatar Petroleum will hold the remaining 30%, and the partners’ initial work program will include the acquisition of 3-D seismic over Blocks MLO-113, MLO-117 and MLO-118.

Through its Argentine subsidiaries, ExxonMobil holds interests in about 315,000 net acres spanning seven blocks in the onshore Neuquen Basin, which includes the vast Vaca Muerta shale formation. It also operates a business support centre in Buenos Aires employing 1,700 Argentine citizens in various corporate functions, including human resources, information technology and finance.