XOM

Exxon explores $1 bln sale of Argentina shale assets, Bloomberg reports

Credit: REUTERS/DADO RUVIC

Adds Exxon's response in paragraph 5

Feb 23 (Reuters) - U.S. energy major Exxon Mobil XOM.N is considering bids for its Argentine shale assets, valued at about $1 billion, Bloomberg News reported on Friday, citing people familiar with the matter.

The company had received several offers for holdings in Argentina's Vaca Muerta formation in Patagonia earlier this month, the report said.

Argentina is betting on Vaca Muerta – the world's second-largest shale gas reserve and fourth-largest shale oil reserve – to turn the South American country into an energy powerhouse and curb dependence on costly imports.

Exxon's assets comprise stakes it owns with QatarEnergy in seven oil-and-gas blocks in the shale patch as well as holdings in a pipeline, according to the report.

Exxon declined to comment on the report, when contacted by Reuters.

Earlier this week, Mexican firm Vista Energy VISTAA.MX, Argentina's second-largest shale oil producer behind state-owned YPF, had publicly expressed its interest in Exxon's Vaca Muerta assets.

"They have interesting assets. And yes, we are looking into that," Vista CEO Miguel Galuccio said on a conference call on Wednesday.

(Reporting by Sourasis Bose, additional reporting by Arunima Kumar in Bengaluru; Editing by Shailesh Kuber and Maju Samuel)

((Sourasis.Bose@thomsonreuters.com;))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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