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QP signs deal to buy 30% stake in Exxon's affiliates in Argentina


Asif Iqbal
Doha
Qatar Petroleum (QP) on Monday signed a deal with ExxonMobil to acquire a 30 percent stake in two of Exxon's affiliates in Argentina.
The deal will give Qatar Petroleum a 30 percent shareholding in two ExxonMobil local affiliates in Argentina ” ExxonMobil Exploration Argentina and Mobil Argentina.
These two affiliates hold different interests in hydrocarbon licences for seven blocks in the Vaca Muerta play in the onshore Neuquen basin in Argentina.
"This agreement is an important milestone on the road to expanding our international footprint, which is an important part of Qatar Petroleum's growth strategy," Qatar Petroleum President and Chief Executive Officer Saad Sherida al Kaabi told reporters after signing the agreement with Exxon Mobil's Senior Vice President and Principal Financial Officer Andrew P Swiger.
Kaabi said,"As we approach the first anniversary of the unjust blockade, I would like to stress that our oil and gas sector has not been impacted by the blockade. I would like to reaffirm our commitment to making Qatar Petroleum one of the best national oil and gas companies in the world, and to continue our role to support and strengthen Qatar's economy."
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