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French supermajor TotalEnergies said it would proceed with a $706 million offshore gas project in southern Argentina as the nation aims to become a major gas exporter in the region. First gas from the newly sanctioned Fenix project is expected in early 2025; at its peak, the development is slated to reach around 10 MMcm/d. One analyst said the project would be the "most relevant" Argentinean project outside the Neuquen Basin, home of the prolific Vaca Muerta Shale. "It will take advantage of existing infrastructure and help provide supply security for the country," said Rystad Energy analyst Vinicius Romano. The plan calls for the drilling of three horizontal wells in 70 meters of water from a new unmanned platform in the Fénix field, some 60 kilometers off the coast of Tierra del Fuego. The gas would then travel 35 km through a pipeline to Total’s platform at Vega Pleyade and its plants at Rio Cullen and Canadon Alfa. Total will operate the project with a 37.5% interest via its affiliate, Total Austral. Germany's Wintershall Dea and Argentina-based Pan American Sur are partners and will maintain a 37.5% and 25% interest, respectively.

Gas Supply, Upstream Projects
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