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%).
There was 1.3 million barrels per day (bbl/d) of oil production off line in the U.S.-regulated areas of the GoM on July 15, about 80,000 barrels less than on July 14, according to the U.S. Bureau of Safety and Environmental Enforcement (BSEE).
Move is designed to pressure Greek Cypriot government to accept a cooperation proposal by Turkish Cypriots.
Israel’s energy ministry said the new activity will help position the country as a regional energy hub. But the results were not much of a rebound from a disappointing round two years earlier when, again, just two groups placed bids.