Exxon to pro­ceed with oil de­vel­op­ment in Ar­gentina

The Guardian (Charlottetown) - - BUSINESS -

(Reuters) — Exxon Mo­bil Corp said on Tues­day it was go­ing ahead with an oil de­vel­op­ment project in Ar­gentina that could pro­duce up to 55,000 bar­rels of oile­quiv­a­lent per day (boepd) within five years.

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

Exxon be­gan a pi­lot project in the 99,000-acre Bajo del Choique-La In­ver­nada block, lo­cated about 114 miles north­west of Neuquén city, in 2016 after suc­cess­ful re­sults from an ini­tial ex­plo­ration.

The com­pany’s de­vel­op­ment in Ar­gentina has been slow due to sev­eral rea­sons, in­clud­ing the ge­o­graphic re­mote­ness of the coun­try from U.S. shale op­er­a­tions as well as gov­ern­ment con­trols on nat­u­ral gas prices.

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