Argentina Gears Up For Offshore Licensing Round

RIO DE JANEIRO—Argentina is working to increase its attractiveness in the energy sector in a region where other countries such as Brazil, Guyana and Mexico have lured investment from major oil companies.

The South American country is about to launch its first round of offshore licensing after nearly three decades Argentina’s Energy Minister Juan Jose Aranguren recently told investors during an event in Houston that the goal is to expand exploration for long-term production growth in what is considered one of the world’s practically unexplored offshore areas.

Argentina plans to launch the licensing round in July when officials will also announce when bids will be awarded. Expectations are that the auction, which will cover roughly 240,000 sq km in three areas, will be held by the end of the year.