Eni Wins Offshore Argentina Block

Eni Wins Offshore Argentina Block
Argentina's government has officially awarded an Eni-operated consortium an exploration license offshore Tierra del Fuego.

An Eni S.p.A.-operated consortium has officially won the exploration license of offshore block MLO 124 from Argentinian officials, Eni reported Monday.

According to Eni, the award stems from the consortium’s successful bid April 16, 2019, in Argentina’s International Bid Round “Ronda Costa Afuera n. 1.” The company noted that Block MLO 124 is located in the Malvinas Basin (Cuenca Marina Malvinas) approximately 62 miles (100 kilometers) off Tierra del Fuego.

Water depths in the 1,706-square-mile (4,418-square-kilometer) license range from less than 328 to 2,133 feet (100 to 650 meters), stated Eni, which owns an 80-percent working interest in the consortium. Tecpetrol S.A. and Mitsui & Co. Ltd. each own 10-percent stakes.

Eni noted that activities planned for the four-year-long initial phase of the exploration period will primarily consist of a 3D geophysical survey of the entire block and other geophysical potential field surveys.

As Rigzone reported last month, an Exxon Mobil Corp. subsidiary and a Qatar Petroleum affiliate won three blocks during Argentina’s first offshore bid round. Other firms securing licenses in the April bid round include YPF, Equinor, Total, Wintershall, BP, Shell and Tullow, Argentina’s government reported Friday. In all, 13 companies will invest US $724 million in three Argentine continental shelf basins, the government added.


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