TotalEnergies has taken the final investment decision (FID) for the Fenix gas development, located 60 km off the coast of Tierra del Fuego in southern Argentina. The US$706m project will be developed through three horizontal wells, drilled from a new platform in 70 m water depth. The gas will be transported through a 35 km pipeline to the Véga Pleyade platform and treated onshore at the Rio Cullen and Cañadon Alfa plants. The platform and the plants are also owned by TotalEnergies. First gas is scheduled for 2025 with an output of 3.6 bcm/year.
The project is owned and operated by TotalEnergies with a 37.5% interest. WintershallDea and Pan American Sur also own stakes in the development, with shares of 37.5% and 25% respectively. In April 2022, the Argentinian government awarded the CMA-1 concession, including Fenix, an extension for 10 years until 30 April 2041. Femix, as a new gas project in Tierra del Fuego, secured the benefits provided for under law.