Wednesday, December 11, 2019

Wintershall Wins Argentina Offshore Bid

April 18, 2019

Photo: Wintershall © Total/Florian von der Fecht

Germany's largest crude oil and natural gas producer Wintershall won the bidding process for two blocks in the promising Malvinas Basin off the coast of Tierra del Fuego as part of the “Costa Afuera” licensing round.

In addition to the CMA-1 exploitation concession, with this award, the company will participate in further offshore exploration projects in Argentina. The exploration licenses are located approximately 300 km off the southeast coast of Argentina.

Wintershall will hold a 27 percent interest in the licenses MLO-114 and MLO-119. The British-Irish company Tullow is the operator, while the Argentine company Pluspetrol is another partner. The official license award by the authorities is expected in May.

"Argentina has promising resources, both offshore and onshore. We're convinced that we can make excellent use of our many years of experience in the country for future exploration activities," says Thilo Wieland, Wintershall's Executive Board member responsible for South America, Russia and North Africa.

License MLO-114 and MLO-119 are located about 300 kilometers off the coast of Tierra del Fuego at depths of up to 500 meters. "Numerous discoveries have been made around the southern Atlantic in various countries in recent years. The awarded blocks represent a great opportunity for the company to continue our consolidation as an important player in the region," Thilo Wieland continues.

The two 6,000 and 4,500 km² blocks will be covered with modern 3D seismic surveys during the initial exploration period.

Wintershall has been an integral part of the Argentine energy industry for over 40 years and is the country's fourth-largest gas producer.

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