The European Commission said on October 3 that the EC has approved, under the EU Merger Regulation, the proposed acquisition of joint control over ExxonMobil Exploration Argentina and Mobil Argentina, both of Argentina, by ExxonMobil of the US and Qatar Petroleum of Qatar.
ExxonMobil Exploration Argentina and Mobil Argentina are wholly owned affiliates of ExxonMobil, which own and operate the Vaca Muerta shale field in Argentina and are active in the exploration, development, production, and sale of crude oil and gas.
Since 2010, ExxonMobil Exploration Argentina (EMEA) has had a presence in the unconventional Vaca Muerta shale oil and shale gas play in the Neuquén Province, which is considered one of the most important unconventional reservoirs in the world, according to ExxonMobil.
Today, ExxonMobil in Argentina employs approximately 1,600 people through several Exxon Mobil Corporation affiliates.
ExxonMobil is active worldwide in the development, production, and sale of crude oil and natural gas, the refining and sale of refined petroleum products, the development, production, and sale of various chemical products, and power generation.
Qatar Petroleum is active worldwide in the exploration, drilling and production operations, transport, storage, marketing and sale of crude oil, refined products, liquefied natural gas (LNG), petrochemicals and fertilizers.
The Commission said the EC concluded that the proposed transaction would raise no competition concerns because of the negligible actual and foreseen activities of the companies in the European Economic Area. The transaction was examined under the simplified merger review procedure.