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.
In partnership with WintershallDea (37.5%) and Pan American Sur (25%), TotalEnergies owns a 37.5% interest in the project through its Total Austral affiliate.
Three horizontal wells will be drilled from a new unmanned platform at a depth of 70 meters to develop the Fenix field. The gas will be treated onshore at the Rio Cullen and Caadon Alfa plants, both run by the Company, before being transferred over a 35 km pipeline to the Véga Pleyade platform, which is operated by TotalEnergies.
Fenix will produce 10 million cubic meters of natural gas per day when production starts, which is scheduled to happen in early 2025. (70,000 barrels of oil equivalent per day).
“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,” said David Mendelson, Senior Vice President, Americas at TotalEnergies Exploration & Production.
The CMA-1 concession, which includes Fenix, received a 10-year extension from April 18, 2022, to April 30, 2041, from the national authorities. The national authorities also awarded Fenix the benefits made available by the unique tax regime established by Law 19640 as a new gas project in Tierra del Fuego.