ExxonMobil Wins Three Blocks in Argentina Offshore Bid Round

  • 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

IRVING, Texas–(BUSINESS WIRE)–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.

Contacts

Media Relations
(972) 940-6007