ExxonMobil Proceeds with Argentina Expansion Project in Vaca Muerta Basin
11 Juin 2019 - 03:00PM
Business Wire
- Project to complete 90 wells, a central
production facility and export infrastructure
- First phase peak production to reach
55,000 oil-equivalent barrels per day in five years
ExxonMobil said today 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 oil-equivalent barrels
per day within five years and will include 90 wells, a central
production facility and export infrastructure connected to the
Oldeval pipeline and refineries.
“We are encouraged by the excellent results of our Neuquén pilot
project and look forward to increased production through this
significant expansion,” said Staale Gjervik, senior vice president
of unconventional at ExxonMobil. “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.”
If the expansion is successful, ExxonMobil could invest in a
second phase, which would produce up to 75,000 oil-equivalent
barrels per day. Timing of the second phase depends on initial
project performance and business and market conditions, among other
factors.
“ExxonMobil has been an active player in the Neuquén basin since
2010 and in Argentina for more than 100 years,” said Daniel De
Nigris, ExxonMobil’s lead country manager. “We will continue to
work closely with the government and our partners and will use our
expertise and capabilities to bring jobs and other benefits to
local communities.”
In 2015, the Neuquén provincial government granted ExxonMobil a
35-year concession in Vaca Muerta for the Bajo del Choique-La
Invernada block. ExxonMobil began an exploration pilot program the
following year and now has three producing wells, and three
additional wells moving into production. A production facility, gas
pipeline and oil terminal have been in operation since 2017 and
were recently connected to the Pacific Gas pipeline by a 16-inch
pipeline.
Bajo del Choique-La Invernada is a 99,000-acre block, located
about 58 miles northwest of Añelo and 114 miles northwest of
Neuquén city. ExxonMobil Exploration Argentina is operator and
holds 90 percent interest in partnership with Gas y Petróleo del
Neuquén, which holds 10 percent interest. ExxonMobil Exploration
Argentina is leading its unconventional operations in the Neuquén
basin under a joint venture agreement with Qatar Petroleum, which
has 30 percent interest in ExxonMobil’s upstream affiliates in
Argentina.
About ExxonMobil
ExxonMobil, the largest publicly traded international oil and
gas company, uses technology and innovation to help meet the
world’s growing energy needs. ExxonMobil holds an industry-leading
inventory of resources, is the largest refiner and marketer of
petroleum products, and its chemical company is one of the largest
in the world. For more information, visit www.exxonmobil.com or
follow us on Twitter at www.twitter.com/exxonmobil.
Cautionary Statement: Statements of
future events or conditions in this release are forward-looking
statements. Actual future results, including project plans,
schedules, and costs, production rates, and resource recoveries
could differ materially due to changes in market conditions
affecting the oil and gas industry or long-term oil and gas price
levels; political or regulatory developments including obtaining
necessary regulatory permits; reservoir performance; the outcome of
future exploration and development efforts and timely completion of
development projects, including the ability to scale pilot projects
on an economically attractive basis; technical or operating
factors; the outcome of commercial negotiations; actions of
competitors; and other factors cited under the caption “Factors
Affecting Future Results” on the Investors page of our website at
exxonmobil.com. References to “oil-equivalent barrels” and similar
terms in this release include quantities that are not yet
classified as proved reserves under SEC rules but that are expected
to be ultimately recoverable. The term “project” in this release
may refer to a variety of activities and does not necessarily have
the same meaning as in any government payment transparency
reports.
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