Exxon Mobil Corp wins 3 exploration blocks offshore Argentina

The three blocks are located in the Malvinas basin, about 200 miles (320 kms) offshore Tierra del Fuego.

U.S. oil giant Exxon Mobil Corp stated, its unit and an affiliate of Qatar Petroleum had won three exploration blocks offshore Argentina. These three blocks will add around 2.6 million net acres to Exxon’s existing holdings in Argentina, said Exxon Mobil Corp. The three blocks are located in the Malvinas basin, about 200 miles (320 kms) offshore Tierra del Fuego.

Exxon’s existing holdings in Argentina include 315,000 net acres spread across 7 blocks in the onshore Neuquén Basin of the Vaca Muerta unconventional oilfield and a business support center in Buenos Aires.

Exxon Mobil will have a 70% stake, while Qatar Petroleum’s affiliate will hold the balance 30%.

On Tuesday, the Argentine government had issued a statement saying it has received offers for the exploration of three offshore oil and gas basins from 13 companies for a total of $995 million.

In June 2018, Qatar Petroleum had signed an agreement with Exxon Mobil to buy a 30% stake in two of Exxon’s affiliates in Argentina, thus providing it access to oil and gas shale assets in Argentina.

Exxon has been investing heavily in Guyana and in its U.S. shale operations.

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