Argentina key in Mobil's LatAm strategy

Nov 20, 1996 01:00 AM

Argentina will play a key part in Mobil's Latin American strategy, Lucio Noto, chairman and chief executive of Mobil said. "I view Argentina as a key element in a regional (natural) gas strategy based on production in Argentina and sales to Chile and elsewhere", Noto told after a meeting with Argentine President Carlos Menem. By the end of this year Mobil will have invested some $ 500 mm in Argentina in recent years and Noto said "we will do our best to increase our presence here in coming years." Mobil opened its Buenos Aires office in 1987. Specifically, Mobil hopes to increase its downstream facilities and continue to develop its relationship with Argentines YPF. Last September Mobil bought a 28 % stake in the Sierra Chata gas field and Chihuidos block in the Neuquen basin. The natural gas from the field will be sold to Chile. Separately it has interests in the Noroeste basin. Noto said Latin America represents one of the most promising markets for Mobil in the years ahead. "Energy growth in Latin America has been outpacing most of the world, and we are moving aggressively to capitalise on those opportunities."

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