ExxonMobil eyes US$200mn Vaca Muerta investment

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Friday, September 1, 2017

ExxonMobil filed an application with the government of Argentina's Neuquén province requesting a 35-year exploitation concession for the Los Toldos I block in the Vaca Muerta shale.

"The project entails an initial investment of around US$200mn to bring to production a group of seven wells along with construction of production facilities and pipeline infrastructure," an Exxon spokesperson said in an emailed statement.

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The Los Toldos I news, first reported by local media after President Mauricio Macri tweeted that he had met with Exxon CEO Darren Woods, follows the announcement by the US major in late 2015 of a separate US$229mn shale pilot at the La Invernada-Bajo del Choique license.

"To date, ExxonMobil's investment in exploration and early development has exceeded US$500mn in its Vaca Muerta operations," the statement continued. "Depending on evaluation of results and economic and market conditions, ExxonMobil's investment in Argentina could reach US$10bn over a period of 20 to 30 years across its Vaca Muerta portfolio."