Majors step up to secure Argentina offshore acreage

Argentina held its first official licensing round offshore. The acreage is high-risk frontier but the fiscal terms put forth by the Argentine government were attractive. Eighteen of the 38 blocks offered were awarded and some of the biggest names in exploration have staked early entry to the basins. For many of the Majors, new acreage builds onto an existing portfolio in Argentina's premier shale play, the Vaca Muerta.