Qatar Petroleum’s $600 Million Acquisition of ExxonMobil’s Argentinian units

Nicholson y Cano, Baker Botts and Martinez de Hoz & Rueda advised on the deal

Qatar Petroleum, the world’s largest LNG producer, entered into an agreement with the US energy giant ExxonMobil, to acquire a 30 percent equity stake in two ExxonMobil units in Argentina.

The two units ExxonMobil Exploration Argentina and Mobil Argentina hold different hydrocarbon licenses for seven blocks in the Vaca Muerta play in the onshore Neuquén basin in Argentina, Qatar Petroleum said in a statement.

The two companies, with other partners, hold rights for seven blocks under unconventional exploration licenses with active drilling plans as well as exploitation licenses with pilot drilling and production.

The Vaca Muerta shale in the Neuquén province in western Argentina is considered among the most prospective unconventional shale oil/gas plays outside North America. Activity in the basin has picked up recently, mainly due to government incentives and rising domestic energy demand.

ExxonMobil’s unit, XTO Energy, is providing operational support to the two concerned Argentinian companies, including developing detailed appraisal and development plans for these assets, based on recently drilled wells and pilot production testing.

Nicholson y Cano advised Qatar Petroleum with a team including Nicolas Perkins (Picture), Mariana Guzian, Marcela Anchava, Andrea Schnidrig, Paulette Toro and Martín Gualino.

Baker Botts advised Qatar Petroleum with Carlos Solé

Martinez de Hoz & Rueda advised ExxonMobil with José A Martinez de Hoz, Fernando Zoppi, Tomás Lanardonne, Juan Cruz Azzarri y Maximiliano Batista y; asociados: Tomás Dellepiane, Josefina Bercetche, Valeria Celesti, Milagros Lezica, Agustina Molle, Belén Crotti and Sofía Pellizzaro.

Involved fees earner: Carlos Solé III – Baker Botts; Maximiliano Batista – Martínez de Hoz & Rueda; Josefina Bercetche – Martínez de Hoz & Rueda; Valeria Celesti – Martínez de Hoz & Rueda; Juan Cruz Azzarri – Martínez de Hoz & Rueda; Tomás Dellepiane – Martínez de Hoz & Rueda; Tomás Lanardonne – Martínez de Hoz & Rueda; Milagros Lezica – Martínez de Hoz & Rueda; José Martínez de Hoz (h) – Martínez de Hoz & Rueda; Agustina Molle – Martínez de Hoz & Rueda; Fernando Zoppi – Martínez de Hoz & Rueda; Marcela Anchava – Nicholson & Cano Abogados; Martín Gualino – Nicholson & Cano Abogados; Mariana Guzian – Nicholson & Cano Abogados; Nicolás Perkins – Nicholson & Cano Abogados; Andrea Schnidrig – Nicholson & Cano Abogados;

Law Firms: Baker Botts; Martínez de Hoz & Rueda; Nicholson & Cano Abogados;

Clients: ExxonMobil; Qatar Petroleum;

Author: Ambrogio Visconti.