Exxon Mobil considers bids for Argentine shale assets valued at $1 billion

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Exxon Mobil, the U.S. energy giant, is currently weighing bids for its Argentine shale assets, valued at approximately $1 billion. The company has attracted several offers for its holdings in Argentina’s Vaca Muerta formation in Patagonia, according to a recent report. Argentina has high hopes for Vaca Muerta, which is the world’s second-largest shale gas reserve and the fourth-largest shale oil reserve. The country sees this resource as a key to transforming itself into an energy powerhouse and reducing its dependence on costly energy imports.

Exxon’s assets in Argentina include stakes it holds with QatarEnergy in seven oil-and-gas blocks in the Vaca Muerta shale patch, as well as holdings in a pipeline, the report noted.

Recently, Mexican firm Vista Energy, which is Argentina’s second-largest shale oil producer after state-owned YPF, publicly expressed its interest in acquiring Exxon’s Vaca Muerta assets. “They have interesting assets. And yes, we are looking into that,” said Vista CEO Miguel Galuccio during a conference call on Wednesday.

(Source: Reuters | Bloomberg | Nasdaq)

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