TotalEnergies has approved the final investment decision for the Fenix gas field, located 60 km off the coast of Tierra del Fuego in southern Argentina. The company expects to invest about $706m in the project.
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-metre-deep water. The gas will be transported through a 35 km 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 in early 2025, Fenix is anticipated to produce 10m cubic metres per day of natural gas (70,000 barrels of oil equivalent per day).
“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,” said David Mendelson, Senior Vice President, Americas at TotalEnergies Exploration & Production.
On April 18, Argentinian authorities granted the CMA-1 concession, including Fenix, an extension for 10 years, until April 30, 2041. As a new gas project in Tierra del Fuego, Fenix will also receive the benefits provided for under Argentine Law 19640’s special tax regime.
