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Exxon Bets On Vaca Muerta Expansion Project in Argentina; 55 MBOEPD
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ExxonMobil reported that it is proceeding with a long-term oil development in Argentina's Bajo del Choique-La Invernada block.
The project is expected to produce up to 55,000 BOEPD within five years and will include 90 wells, a central production facility and export infrastructure connected to the Oldeval pipeline and refineries.
If the expansion is successful, ExxonMobil could invest in a second phase, which would produce up to 75,000 BOEPD. Timing of the second phase depends on initial project performance and business and market conditions, among other factors.
Staale Gjervik, senior vice president of unconventional at ExxonMobil, said: "We are encouraged by the excellent results of our Neuquén pilot project and look forward to increased production through this significant expansion. The reforms implemented by the federal and provincial governments have been critically important to enabling the development of the Vaca Muerta basin as one of the country's main energy resources."
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