TotalEnergies has approved the final investment decision for the Fenix gas development, located 60 km off the coast of Tierra del Fuego in southern Argentina, according to the company's release.
Through its Total Austral affiliate, TotalEnergies operates the project with a 37.5% interest, in partnership with WintershallDea (37.5%) and Pan American Sur (25%).
The Fenix field will be developed through three horizontal wells, drilled from a new unmanned platform in 70 meters water depth. The gas will be transported through a 35km pipeline to the TotalEnergies-operated Véga Pleyade platform and treated onshore at the Rio Cullen and Cañadon Alfa plants, also operated by the Company. At production start-up, expected early 2025, Fenix will produce10 million cubic meters per day of natural gas (70,000 barrels of oil equivalent per day). This development represents an investment of approximately $706 million.
On April 18, 2022, the national authorities granted the CMA-1 concession, including Fenix, an extension for 10 years until April 30,2041.
TotalEnergies has been operating in Argentina since 1978, through its Total Austral affiliate, and is the country’s leading international gas producer, with some 25% of production. The Company’s equity share of production averaged 81,000 barrels of oil equivalent per day in 2021.
In Tierra del Fuego, alongside partners WintershallDea (37.5%) and Pan American Sur (25%), TotalEnergies (37.5%) operates the Cuenca Marina Austral 1 (CMA-1) concession, which includes the onshore Ara and Cañadon Alfa fields and the offshore Hidra, Kaus, Carina, Aries, Vega Pleyade and Fenix fields.
TotalEnergies is a global multi-energy company that produces and markets energies: oil and biofuels, natural gas and green gases, renewables and electricity.