Argentinian authorities awarded an Eni SpA-led consortium an exploration license for offshore block MLO 124 following a bidding round held on April 16.

Under the first phase of the exploration period, which will be completed in four years, the consortium will conduct a 3D geophysical survey in the block and other geophysical potential field surveys, according to a May 20 news release.

Block MLO 124 has an area of 4,418 square kilometers in water depths ranging from less than 100 meters to 650 meters in the Malvinas Basin, located 100 km off the coast of Tierra del Fuego.

Eni is the operator of the consortium, holding an 80% stake, while Argentina's Tecpetrol SA and Japan's Mitsui & Co. Ltd. hold 10% each.