State-owned energy giant Qatar Petroleum on Sunday signed an agreement to buy a 30-percent stake in Exxon Mobil hydrocarbon affiliates in Argentina.
The deal, Qatar Petroleum's first in Argentina, was formally signed at a ceremony in a five-star Doha hotel by the heads of both companies.
"We are happy to reach agreement with Exxon, a strategic partner with which we have a long history," said Saad Sherida Al-Kaabi, president and CEO of Qatar Petroleum.
Andrew Swiger, senior vice-president of Exxon, said the deal "underscores" his company's commitment to develop Argentinian resources. No value was given for the agreements. The affiliates are based in the Neuquen basin, central Argentina. The area is known for its shale oil and gas deposits.
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