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ExxonMobil Proceeds with Argentina Expansion Project in Vaca Muerta Basin

June 12, 2019

IRVING, Texas--(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.

 

FULL REPORT

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