Source: ExxonMobil Weighs Offers for Argentina Shale Assets

FILE PHOTO: ExxonMobil logo is seen in this illustration taken, October 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: ExxonMobil logo is seen in this illustration taken, October 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
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Source: ExxonMobil Weighs Offers for Argentina Shale Assets

FILE PHOTO: ExxonMobil logo is seen in this illustration taken, October 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: ExxonMobil logo is seen in this illustration taken, October 6, 2023. REUTERS/Dado Ruvic/Illustration/File Photo

US energy giant ExxonMobil Corp is weighing offers for its oil and gas assets in Argentina's Vaca Muerta shale region, a source familiar with the plan said on Friday, adding there was no time frame for a decision and the sale may not move forward.
Bloomberg earlier on Friday reported that ExxonMobil was exploring a $1 billion sale of its shale assets in the South American country, a process that started last year.
"The process began in August, it continues to advance and the offers are being evaluated," the source said, asking not to be named as the matter was confidential. The person added that the firm had received offers earlier this month.
"At the beginning of February they presented binding offers. There is no time or due date to provide a response to say how the operation continues. They are being evaluated by the shareholders," the source said.
Earlier this week, Mexican firm Vista Energy , Argentina's second-largest shale oil producer behind state-owned YPF, publicly expressed its interest in Exxon's Vaca Muerta assets.
"They have interesting assets. And yes, we are looking into that," Vista CEO Miguel Galuccio said on a conference call on Wednesday.
Exxon's assets in Argentina include stakes it owns in seven oil-and-gas blocks in Vaca Muerta.
The company declined to comment on the matter when contacted by Reuters.
Argentina, battling an economic crisis, is betting on Vaca Muerta, the world's second-largest shale gas reserve and fourth-largest for shale oil, to turn the country into an energy powerhouse and curb dependence on costly imports.
The source told Reuters that any sale, if it went ahead, would not be a "political" decision but part of a wider portfolio management. It also would not include a large global service center with some 3,000 employees in Buenos Aires, the person added.
Argentina's new right-wing libertarian President Javier Milei is contending with a severe economic crisis, with inflation running at more than 250%, depleted foreign currency reserves, and strict capital controls to defend the peso currency.
The economic crisis has created challenges for companies operating in the country, though the government is making a major push to ramp up investment in Vaca Muerta.



Saudi Arabia Calls for Global Water Cooperation to Advance Integrated Management

The first preparatory meeting for the 11th World Water Forum 2027 kicked off in Riyadh on Monday. (11th World Water Forum 2027 | Riyadh 2027 on X)
The first preparatory meeting for the 11th World Water Forum 2027 kicked off in Riyadh on Monday. (11th World Water Forum 2027 | Riyadh 2027 on X)
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Saudi Arabia Calls for Global Water Cooperation to Advance Integrated Management

The first preparatory meeting for the 11th World Water Forum 2027 kicked off in Riyadh on Monday. (11th World Water Forum 2027 | Riyadh 2027 on X)
The first preparatory meeting for the 11th World Water Forum 2027 kicked off in Riyadh on Monday. (11th World Water Forum 2027 | Riyadh 2027 on X)

The first preparatory meeting for the 11th World Water Forum 2027 kicked off in Riyadh on Monday with the participation of top scientists, experts, decision-makers from around the world.

Saudi Minister of Environment, Water and Agriculture Abdulrahman Alfadley, with the participation of World Water Council President Loïc Fauchon, inaugurated the official logo of the World Water Forum 2027.

In his remarks, Alfadley emphasized Saudi Arabia’s call for strengthened international cooperation and joint efforts among countries and organizations to tackle global water challenges. He underscored the importance of ensuring universal access to water and sanitation services as a key pillar in achieving Sustainable Development Goal 6 (SDG 6).

“Saudi Arabia prioritizes the water sector through various measures, including the adoption of a national strategy encompassing water production, storage, transportation, distribution, treatment, and reuse, all within a comprehensive institutional framework,” Alfadley added.

He further stated that the Kingdom has implemented Integrated Water Resources Management and enhanced supply chain governance. This is supported by the release of a long-term supply and demand plan that extends to 2050, alongside a commitment to environmental, social, and economic considerations in alignment with Saudi Vision 2030.

Highlighting the Kingdom's leading role in supporting regional and international water issues, Alfadley pointed to the launching of the Global Water Organization, aimed at fostering international collaboration, and the establishment of an International Water Research Center focused on water economics, water security, advanced technologies, and digital transformation.

Fauchon said the council, in collaboration with Saudi authorities, has developed a comprehensive framework outlining the thematic, regional, and political components that will shape the roadmap for the 11th edition of the forum that is being held in the Middle East for the first time.

He stressed the need to make water a top global priority, adding that this gathering will lay the foundation for future water policies. “The way ahead is still long, but we are confident we’re on the right path toward real solutions—solutions that can change lives,” he said.

Deputy Minister for Water at the Ministry of Environment, Water, and Agriculture Dr. Abdulaziz Alshaibani underscored the urgency of the current moment, describing the preparatory meeting as a call for serious and immediate action. Alshaibani emphasized the need to build upon existing progress in the water sector and to move decisively towards solidifying priorities.

He stressed the importance of greater coherence and integration across all sectors, along with the unification of all efforts, to achieve tangible solutions to global water challenges and to meet SDG 6. Alshaibani further noted that effective solutions must be anchored in several key pillars, including financing, innovation, diplomacy, and environmental considerations.

The World Water Forum 2027, organized by the World Water Council in Saudi Arabia, is a significant international platform for exchanging ideas and experiences in water management.