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Eni Makes Oil Discovery Offshore Mexico

Italian oil and gas major Eni SpA on Friday said it had discovered oil in the Sureste Basin offshore Mexico in a prospect that could contain around 200 million barrels of oil in place.

The discovery was made on the Yatzil exploration prospect in Block 7, which is located in the mid-deep water of the Cuenca Salina in the Sureste Basin.

This is not the first discovery for the Italian energy major in the basin. Three years ago, Eni announced a discovery in the Sureste Basin, saying it could contain between 200 and 300 million barrels of crude oil. That discovery was made in Block 10, in which Eni is the operator and holds the majority stake.

In Block 7, the joint venture partners include Eni, which is the operator with a 45% stake, Capricorn with 30%, and Citla Energy with a 25% interest.

Today, Eni said that Yatzil-1 is the second commitment well of Block 7 and the eighth successful one drilled by Eni in the Sureste Basin. The new oil discovery is located approximately 65 kilometers (40 miles) off the coast and 25-30 km (15-18 miles) away from other discoveries.

“The successful result comes after the Saasken and Sayulita discoveries in Block 10 and confirms the value of Eni’s Mexican asset portfolio, contributing to the potential synergic cluster development of several prospects located nearby,” Eni said in a statement on Friday.

Eni considers Mexico as a core country to its organic growth. Currently, the Area 1 phased development project led by a consortium comprising Eni produces more than 30,000 barrels of oil equivalent per day (boepd). The full project is expected to be completed by 2025, the Italian company said.

Eni, which has been present in Mexico since 2006, holds rights in eight exploration and production blocks – including six as operator, all located in the Sureste Basin in the Gulf of Mexico.

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By Tsvetana Paraskova for Oilprice.com

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