Bids submitted for Argentina blocks

The government of Argentina’s Mendoza province has received 12 bid proposals for 11 E&P licences, international media reported Wednesday.

In total, five companies participated in the auction, with partially state-owned YPF submitting bids for five blocks. El Trebol, GyG Service Oil, Aconcagua Energía and Selva Maria also bid for licences.

The 6,000 square kilometres of acreage offered in the round is located in the Neuquén and Cuyo basins, and includes nine exploration areas – Los Parlamentos, Puesto Pozo Cercado Occidental, Boleadero, Loma Cortaderal, Cerro Doña Juana, Ranquil Norte, CN VII-A, Chachahuen Oeste and CN III Norte – and two production blocks – Puesto Pozo Cercado Oriental and Atuel Norte.

“This action seeks to end the inertia that the oil sector went through for more than 10 years and favour the development of a key sector for the economy,” Mendoza Minister of Economy, Infrastructure and Energy Martin Kerchner said, adding that the details of the company bids would soon be made public.

Minister Kerchner expects a total of USD 1 billion to be invested in the awarded blocks over the next five years.