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Qatar Buys 30% of Exxon's Stake in Argentina

Qatar Petroleum agreed on Sunday with ExxonMobil to buy a 30 percent stake in two ExxonMobil affiliates in Argentina.

ExxonMobil's affiliates in Argentina hold interests in hydrocarbon licenses covering unconventional exploration for seven blocks in the onshore Neuquen basin in Argentina.

The Vaca Muerta shale in the Neuquen province in western Argentina is considered among the most prospective unconventional shale oil and gas plays outside North America, according to the company.

"This is an important milestone, as it marks Qatar Petroleum's first investment in Argentina as well as its first significant international investment in unconventional oil and gas resources," Saad Sherida Al-Kaabi, president and CEO of Qatar Petroleum was quoted as saying.

"This agreement is an important milestone on the road to expanding our international footprint, which is an important part of Qatar Petroleum’s growth strategy," Al-Kaabi added.

The company plans to increase its LNG production from 77 million to 100 million tons per year, according to Al-Kaabi.

"As we approach the first anniversary of the unjust blockade against the State of Qatar, I would like to stress that our oil and gas sector has not been impacted by the blockade, nor has our previously planned expansion," he added.

(Anadolu Agency, 04/06/2018)

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