New Wave Media

May 9, 2018

Argentina Offshore Auction Attracting Oil Producers

International oil firms including Norway's Statoil, U.S. Anadarko Petroleum, China's CNOOC and Malaysia's Petronas have shown interest in Argentina's auction this year of offshore blocks for exploration and production, the country's energy minister said on Wednesday.

Argentina, which is still defining the areas to be included in the auction, also wants oil companies currently exploring at its large Vaca Muerta shale field to move from pilot to full development phase after offering incentives to cut costs.

Six projects have moved to the production stage in recent months, and the government expects 13 more concessions to adopt the country's incentive program, Minister Juan Jose Aranguren said on the sidelines of an energy conference in Houston.

(Reporting by Marianna Parraga Editing by Chizu Nomiyama)

StatoilAnadarko PetroleumArgentina