On 18 October 2019, the Argentine government granted an exploration permit for MLO-118 block to a consortium of a partnership of ExxonMobil and Qatar Petroleum through the publication of Resolution 657/2019 in the nationâs official gazette following the preliminary award of the block in May 2019 as a result of the Argentina Round 1 offshore bid round. Work program in the first exploration period of four years consists of 2D seismic acquisition of 784.53 km and reprocessing of 1,968.21 km, 3D seismic acquisition of 1,763.82 sq km and reprocessing of 1,469.85 sq km, along with 2D gravimetry and magnetometry acquisition of 5,017.69 km, followed by a drilling commitment for one well in the second exploration period of another four years. An optional third exploration period of five years is possible, although accompanied by a 50% partial relinquishment. ExxonMobil operates the block with 70% interest while partner Qatar Petroleum holds the remaining 30%.  MLO-118 covers 4,203 sq km of deepwater area (as designated by the Argentine Secretary of Energy) in Malvinas Basin with approximated water depth below 200 m. Exploration target for the blocks in the area is expected to be oil and gas in the Springhill Formation, which has not produced from any fields on the Malvinas Basin side in comparison to the adjacent Austral Basin side where several offshore gas fields are currently producing.  ExxonMobil and Qatar Petroleum won the rights for MLO-118 after submitting a joint offer of USD 29.95 million in Round 1 of the countryâs offshore bid round that ended on 16 April 2019. Along with MLO-118, the group also won the rights for MLO-113 and MLO-117 blocks with offers of 30.1 million and 34.475 million, respectively. The offshore blocks marked the second partnership between ExxonMobil and Qatar Petroleum in Argentina after Qatar Petroleum's purchase of 30% equity in ExxonMobil affiliates in mid-2018.  Background Information  The Argentine government published Resolution 276/2019 on 16 May 2019 to award 18 blocks in Austral, Malvinas, and Argentina Basin from its Round 1 of its offshore bid round with a total committed investment of USD 724 million. Granting of exploration permits from the round was originally expected to be published in early-August 2019 with signing of the permits to follow within 15 days.
On 18 October 2019, the Argentine government granted an exploration permit for MLO-118 block to a consortium of a partnership of ExxonMobil and Qatar Petroleum 