Vaca Muerta does not stop adding players, and yesterday afternoon it incorporated the first oil company from the Middle East with interests in the Argentine territory: the Arab state company Qatar Petroleum acquired yesterday 30% of the assets that ExxonMobil has in seven unconventional areas of the Neuquén Basin.
The signing of the transaction was made in Doha, Qatar’s capital, between the CEO of Qatar Petroleum Saad Sherida Al-Kaabi and the Vice President of ExxonMobil Corporation, Andrew Swiger and is part of an alliance that globally carry out the signatures.
For Al-Kaabi, the landing in the lands of Vaca Muerta “this is an important milestone, since it marks the first investment of Qatar Petroleum in Argentina, as well as its first significant international investment in unconventional oil and gas resources”. He added that “we look forward to working with ExxonMobil to take advantage of our combined world-class capabilities to unlock the potential of these assets for the benefit of all stakeholders.”
The investment agreement represents that Qatar Petroleum acquired 30% of the two companies with which the US operates in the country: ExxonMobil Exploration Argentina and Mobil Argentina, without modifying this the voting rights that Exxon has with the operators with which it is associated in Vaca Muerta.
ExxonMobil stressed that this agreement “provides additional capital to further develop the position” of the firm in Vaca Muerta, where to date it invested more than 600 million dollars in exploration and exploitation. And it was stressed that the operation will continue in the hands of the same firm and the works in the deposits will continue forward in the short term with the established plans.
ExxonMobil has seven blocks in the basin and managed to note this month not only the largest well in terms of lateral branch, but also the well with the highest level of productivity.