Exxon Awarded Unconventional Blocks in Argentina

Exxon Mobil Corp. has been awarded two blocks to explore for unconventional gas in Argentina's western Neuquen province.

YPF SA is Exxon's partner in the Loma del Molle and Pampa de las Yeguas I blocks.

The agreements followed a tender round submission launched last year by the provincial oil and gas company Gas & Petroleo del Neuquen. The area is believed to contain vast reserves for tight sands and shale natural gas, two types of unconventional natural gas.

The Argentinean government has said the Neuquen basin holds an estimated 257 tcf of unconventional gas reserves, enough to cut Argentina's rising imports of liquified natural gas and Bolivian gas.

In December, YPF, the local unit of Spain's Repsol, reportedly discovered a massive shale gas reserve that could hold 4,500bn cubic feet in Patagonia. Read More HERE