Argentinian authorities have awarded an Eni-led consortium a licence to explore a 4,418 square kilometre area of the South Atlantic off the coast of Tierra del Fuego for hydrocarbons, the Italian major said in a statement on Monday.
The "high potential" Block MLO 124 is located offshore in the Cuenca Marina Malvinas (the Malvinas Basin) some 100 kilometres off Tierra del Fuego in water depths ranging from less than 100 to 650 metres, according to the statement.
During the first four years of the exploration contract, the consortium will complete a three-dimensional geophysical survey of the entire block and other geophysical potential field surveys, the statement said.
Eni holds an 80% working interest in and is the operator of the consortium, in which Tecpetrol and Mitsui & Co. each hold a 10 percent stake, the statement noted.
Eni has operated in Argentina since 1991 through its subsidiary Eni Argentina Exploracion y Explotacion, which owns a 30 percent working interest in the 'Tauro-Sirius' offshore concession located in Tierra del Fuego’s shallow water.
