Fenix gas project : TotalEnergies makes FID on Argentine offshore asset
TotalEnergies has made a final investment decision (FID) for the Fenix gas project, offshore Argentina, which will see a three-well development with an investment of nearly $706 million.
Fenix gas project details
The Fenix gas field is contained in the Cuenca Marina Austral 1 (CMA-1) concession in which TotalEnergies is the operator with a stake of 37.5%. The other participants in the CMA-1 concession are WintershallDea and Pan American Sur with stakes of 37.5% and 25%, respectively.
The offshore gas project in Argentina is projected to produce 10 million cubic meters per day of natural gas (70,000 barrels of oil equivalent per day).
The drilling at the Fenix gas project, situated 60km off the coast of Tierra del Fuego in southern Argentina, will be done from a new unmanned platform installed in a water depth of 70m.
TotalEnergies and its partners will send the gas drawn from the Fenix gas project through a 35km long pipeline to the Véga Pleyade platform, which is operated by the French energy giant. Subsequently, the gas will be treated at the Rio Cullen and Cañadon Alfa onshore gas treatment plants, which are also operated by TotalEnergies.
The French oil and gas giant is targeting the Fenix gas project to begin production in early 2025.
TotalEnergies makes FID on Fenix gas project. Photo courtesy of Emilius123/Wikimedia Commons.
Commenting on the Fenix gas project FID, David Mendelson, Senior Vice President, Americas at TotalEnergies Exploration & Production said: “This latest development demonstrates TotalEnergies’ ability to leverage its hydrocarbon portfolio with projects that have low technical costs and low emissions, that can be brought onstream fast by harnessing synergies with existing facilities. With first gas less than two and a half years from FID, the Fenix project will contribute to maintaining our production levels in Tierra del Fuego and securing supply to the Argentinean gas market.
“With a carbon intensity of 9 kgCO2/boe, the project will benefit from the Company’s technologies in lowering the carbon intensity, such as the installation of wind farms and heat recovery systems.”