Eni said it plans to conduct a 3-D geophysical survey and possibly other geophysical field surveys across the MLO 124 Block offshore Argentina during a four-year exploration period.
The company said May 20 it was officially awarded an exploration license for the 4,418-sq-km block after placing the winning bid during Argentina’s international bid round April 16.
The block is located in the Malvinas Basin in water depths ranging from less than 100 m to 650 m.
Eni holds 80% working interest in the block and serves as operator of a consortium, which also includes Tecpetrol S.A. (10%) and Mitsui & Co. Ltd. (10%).
China's natural gas demand is expected to reach 307 billion cubic meters (Bcm) this year, an increase of just 10% from 2018, an official of state-run Sinopec Gas Co. said on Oct. 15, as a slowing economy hits consumption.
For the week ahead, Stratas Advisors expect Brent to average $58/bbl as enthusiasm about a trade deal wanes.