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Qatar Petroleum to acquire 30% stake in 2 Exxon units in Argentina

Qatar Petroleum inked a deal to acquire a 30% interest in two Exxon Mobil Corp. affiliates in Argentina.

The agreement will give the state-run Qatar Petroleum shares in ExxonMobil Exploration Argentina SRL and Mobil Argentina SA, which hold rights with other partners for seven blocks under unconventional exploration licenses in the Vaca Muerta Shale in western Argentina.

"This is an important milestone, as it marks Qatar Petroleum's first investment in Argentina as well as its first significant international investment in unconventional oil and gas resources," Saad Sherida Al-Kaabi, president and CEO of Qatar Petroleum, said at a June 3 news conference announcing the deal.

Outside North America, the Vaca Muerta shale is considered among the most prospective unconventional shale oil/gas plays. Activity in the basin has picked up recently, with several international companies establishing their presence in the basin.

Sherida Al-Kabi said the agreement will help the company expand its international footprint, a key part to its growth strategy.

"It goes hand in hand with the planned expansion of our local production from the North Field, which will further boost Qatar's leading global position by raising its LNG production from 77 million to 100 million tons per year," he said.

The value of the deal was not disclosed.