Exxon to proceed with oil development in Argentina

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.

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 Petróleo del Neuquén holds the rest.

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