Big names bid in Argentina's offshore auction

Some of the world's biggest oil companies get involved in Argentina's first offshore licensing round in almost three decades

Argentina is attempting to emulate the recent offshore advances made by Latin American neighbours such as Brazil and Guyana, while also looking to replicate the US shale boom in the Vaca Muerta. The country's first offshore bid round for 30 years closed on 16 April and attracted bids worth $995mn from some of the world's biggest E&P companies. In the end, 13 firms bid for 18 of the 38 blocks that were auctioned. ExxonMobil, Norway's Equinor, Shell, Total and BP were among those that acquired acreage in the auction. The uniqueness of the round played a part in attracting interest, with many of the bidders identifying it as a window of opportunity that might not come around again soon. Jim