Exxon to proceed with long-term oil development in Argentina

Exxon Mobil Corp said on Tuesday it was going ahead with a long-term oil development project in Argentina's Bajo del Choique-La Invernada block.

The project is expected to produce up to 55,000 barrels of oil equivalent per day (boepd) within five years, the company said.

If the expansion is successful, Exxon said it could invest in a second phase, which would produce up to 75,000 boepd.