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ExxonMobil to proceed with oil development in Argentina

June 19/2019

MOSCOW (MRC) -- Exxon Mobil Corp said it was going ahead with an oil development project in Argentina that could produce up to 55,000 barrels of oil-equivalent per day (boepd) within five years, reported Reuters.

The project will include 90 wells, a central production facility and export infrastructure connected to a pipeline and refineries, the company said.

However, the country last month awarded permits for hydrocarbon exploration in 18 areas off its southern coast to companies, including Exxon, to boost its reserves, which fell in the last decade due to regulations that discouraged foreign investment in the energy sector.

If the expansion is successful, Exxon said it could invest in a second phase in the block, which would produce up to 75,000 boepd.

ExxonMobil Exploration Argentina operates the block and holds a 90 percent interest, while Gas y Petroleo del Neuquen holds the rest.

As MRC informed before, ExxonMobil said that it has completed an expansion at its Singapore refinery to upgrade its production of EHC Group II base stocks, strengthening the global supply of high-quality base stocks and enhancing the integrated facilitys competitiveness.

ExxonMobil is the largest non-government owned company in the energy industry and produces about 3% of the world's oil and about 2% of the world's energy.
Author:Margaret Volkova
Tags:crude and gaz condensate, petrochemistry, Exxon Mobil, Argentina, Singapore.
Category:General News
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