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Exxon gets government OK for 35-year Argentina shale concession

Published 10/25/2017, 02:31 PM
© Reuters.  Exxon gets government OK for 35-year Argentina shale concession
XOM
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  • Exxon Mobil (XOM -0.4%) says Argentina's Neuquén provincial government has approved its plan for a 35-year shale gas exploration program in the Los Toldos I South block.
  • XOM says its $200M initial investment calls for a pilot project that brings up to seven wells to production, the construction of production facilities and development of export infrastructure.
  • That first project could pave the way for an investment in 300 horizontal wells in a block - the Los Toldos I South block about 108 miles northwest of Neuquén City - that could pump 385 million cubic feet of gas per day at its peak.
  • If the pilot project is successful, XOM says it could lead to a staged development of ~300 horizontal wells in the block, which could produce 11M cm/day of gas when at full production.
  • Now read: Exxon Mobil: The Best You've Got


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