Neuquén Province Approves ExxonMobil’s Investment Plan for Los Toldos I South Block
25 Octobre 2017 - 4:26PM
Business Wire
- 35-year unconventional exploitation
concession approved by provincial government
- Initial project investment
approximately $200 million
- Builds on ExxonMobil’s extensive
operations in the Vaca Muerta with interests in six unconventional
and one conventional block
ExxonMobil announced today that the Neuquén Province government
has approved the investment plan for the development of a 35-year
unconventional exploitation concession in the Los Toldos I South
block. The initial investment of about $200 million calls for a
pilot project that brings up to seven wells to production, the
construction of production facilities and development of export
infrastructure.
“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
ExxonMobil’s XTO Energy. “We look forward to continuing to work
with the government and our partners to develop the country’s
energy resources.”
ExxonMobil and its partners, Gas y Petroleo del Neuquén and
Americas Petrogas Argentina S.A (APASA), are looking for
opportunities to further develop this block and bring wells into
production.
If the pilot project is successful, it could lead to a staged
development of approximately 300 horizontal wells of up to 3,000
meters in length. The block could have estimated production of 11
million cubic meters per day of gas when at full production.
Los Toldos I South is located 85 kilometers (52 miles) northwest
of Añelo and 175 kilometers (108 miles) northwest of Neuquén city.
ExxonMobil Exploration Argentina S.R.L (EMEA) is the operator and
holds 80 percent interest in partnership with Gas y Petroleo del
Neuquén, which holds 10 percent interest, and APASA (Tecpetrol),
which has 10 percent.
To date, ExxonMobil’s investment in exploration and early
development of its Vaca Muerta operations has exceeded $500 million
since it began exploration and early development in the area.
“ExxonMobil has been in Argentina for more than 100 years, and
an active player in the Neuquén basin since 2010,” said Daniel De
Nigris, Argentina general manager. “We are actively analyzing
additional opportunities to accelerate gas production in other
blocks and look forward to making further progress.”
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 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 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; reservoir
performance; the outcome of future exploration and development
efforts and pilot projects; technical or operating factors; the
outcome of future commercial negotiations; and other factors listed
under the heading “Factors Affecting Future Results” on the
Investor page at the ExxonMobil website at www.exxonmobil.com and
in Item 1A of ExxonMobil’s most recent Form 10-K. References to
quantities of estimated future gas production include amounts that
are not yet classified as proved reserves under SEC definitions but
that we believe will ultimately be produced.
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