ExxonMobil Increases Stake in the Sierra Chata Block in Argentina
Mobil Argentina SA, an affiliate of Exxon Mobil Corp., has entered into an agreement with a subsidiary of French oil major TOTAL SA to acquire its 3.4251% interest in the Sierra Chata Block located in the Neuquén Basin in Argentina. The terms of the transaction have not been disclosed. As a result, ExxonMobil’s interest in the block will increase to 54.4477%, with Argentinian operator Pampa Energia SA holding the remaining 45.5523% interest. The block lies approximately 150 km north-west of the city of Neuquén, and currently produces natural gas from the Mulichinco Formation. The block partners were granted a 35-year extension to the license for the block in July 2018, and are expected develop the unconventional shale potential of the Vaca Muerta Formation also contained within the block.