ExxonMobil gets green light in Argentina

NEUQUéN, October 26, 2017 – ExxonMobil has been granted a 35-year concession for the Los Toldos I block in Argentina’s Neuquén Basin, the company announced Wednesday.

The super-major will invest around USD 200 million in an unconventional pilot project that entails the construction of production and export infrastructure and the drilling of seven wells.

“We are very optimistic about this resource and the provincial government’s approval enables us to do the necessary work to continue expanding our operations,” said Sara Ortwein, president of XTO Energy, an ExxonMobil subsidiary that specialises in exploiting shale and tight formations. “We look forward to continuing to work with the government and our partners to develop the country’s energy resources.”

Depending on the results of the pilot programme, operator ExxonMobil and its block partners, Americas Petrogas and provincial oil company Gas y Petróleo del Neuquén, will consider a 300-well campaign to reach a gas production target of 11 mcm (388 mcf) per day.

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