ExxonMobil Wins Three Blocks in Argentina Offshore Bid Round

  • Adds approximately 2.6 million net acres to upstream holdings in
  • Acquisition builds on existing Argentina presence in the Neuquén
  • Initial offshore work program consists of 3-D seismic data acquisition

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

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resources, is the largest refiner and marketer of petroleum products,
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Cautionary Statement: Statements of future
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