The Argentine government has concluded the concession for the exploitation of offshore hydrocarbons in the area known as Spica, which until now was under the control of the companies Total of France, Pan American Energy (PAE) of Argentina and Wintershall of Germany. The decision was formalized through a resolution of the Energy Secretariat, which was published last Friday in the country’s Official Gazette.
On the hydrocarbon exploitation concession
This area, located in the Austral Basin within the Atlantic waters of the province of Tierra del Fuego, had been granted in 1997 and now returns to the hands of the Argentine State after the extinction of the concession. Although in June 2021 the companies involved had requested an extension of the concession for an additional ten years, they eventually retracted this request and the contract expired in July 2022.
As a result, the Energy Secretariat has officially resolved to terminate Spica’s exploitation concession, returning control of the area to the Argentine State. This movement reflects the end of a cycle of private private exploitation and marks a new chapter for resource management in the region.
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Source: elperiodicodelaenergia}
Photo: shutterstock
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