Eni-led consortium wins exploration license of offshore block in Argentina

Eni-led consortium wins exploration license of offshore block in Argentina

(PRESS RELEASE) MILAN, 20-May-2019 — /EuropaWire/ — An Eni-led consortium wins an exploration license of offshore block MLO 124 from the Argentinian authorities. The award is a result of the consortium’s successful bid in the International Bid Round “Ronda Costa Afuera n. 1” held on 16 April 2019.

Block MLO 124 encompasses an area of 4,418 square kilometers in water depths ranging from less than 100 to 650 meters. It is located offshore in the Cuenca Marina Malvinas (the Malvinas Basin), some 100 kilometers off the coast of Tierra del Fuego.

Eni is the Operator of a consortium which also includes Tecpetrol S.A. and Mitsui & Co. Ltd. Eni has 80% working interest and the other companies involved has 10% each.

During the four years of the First Phase of the Exploration Period the activity to be accomplished mainly consists in a 3D geophysical survey covering the entire block and other geophysical potential field surveys.

Eni’s subsidiary, Eni Argentina Exploración y Explotación S.A. has been present in Argentina since 1991. It owns a 30% working interest in the offshore concession “Tauro-Sirius”, located in Tierra del Fuego’s shallow water.

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SOURCE: Eni