Eni Wins Argentine Offshore Acreage

Argentina has awarded a consortium led by Italian Eni the exploration licence for offshore block MLO 124. The block was offered in the first round for the Costa Afuera, held April 16 this year.

Block MLO 124 is some 100 km offshore Tierra del Fuego, and encompasses 4,418 km² in water depths ranging from less than 100 to 650 metres. Eni holds 80% and its partners are local firm Tecpetrol and Japanese Mitsui & Co, with 10% each. The activity to be completed during the four years of the first phase of the exploration period includes a 3-D geophysical survey covering the entire block, Eni said, suggesting there are no commitment wells.