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Exxon Bolsters Argentinean Assets in Latest Bid Round; Three Offshore Blocks

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   |    Wednesday,April 17,2019

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.

Exxon and Qatar Petroleum have previously partnered to develop blocks offshore Brazil, which they picked up in September 2018.

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.

ExxonMobil will operate the blocks with 70% working interest. A Qatar Petroleum affiliate will hold the remaining 30%.

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