The sale forms part of ExxonMobil’s broader portfolio management plan. Credit: lastdjedai/ shutterstock.com.

US oil company ExxonMobil is assessing offers for its oil and gas assets in the Vaca Muerta shale region of Argentina, reported Reuters, citing a source with knowledge of the plan.

The assets considered for sale are estimated to be worth around $1bn, according to a source, reported Bloomberg News.

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While there is no set timeline for a decision, and the potential sale may not proceed, the company’s assets in the Vaca Muerta formation in Patagonia attracted several bids earlier this month.

These assets include stakes in seven oil and gas blocks jointly owned with QatarEnergy, as well as interests in a pipeline.

Last year, ExxonMobil initiated a review of all its shale operations in Argentina.

A source was quoted by Reuters as saying: “The process began in August, it continues to advance and the offers are being evaluated.

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“At the beginning of February they presented binding offers. There is no time or due date to provide a response to say how the operation continues. They are being evaluated by the shareholders.”

Among ExxonMobil’s partners in the Vaca Muerta acreage are three local energy companies: YPF, Pampa Energia and Tecpetrol. These companies are involved in some of the blocks ExxonMobil intends to divest.

An undisclosed source told Reuters that any potential sale would be a strategic business decision, part of ExxonMobil’s broader portfolio management.

However, a potential sale would not affect ExxonMobil’s significant global service centre in Buenos Aires, which employs around 3,000 people.

Recently, Bloomberg News reported that Vista Energy was looking to acquire ExxonMobil’s Vaca Muerta assets.

Lat week, ExxonMobil agreed to divest its stake in the Ursa and Princess Fields in the Gulf of Mexico to Esperanza Capital Partners and Andros Capital Partners.