Eni’s Amoca field to be fast-tracked

MEXICO CITY, August 2, 2017 – Eni plans to fast-track its shallow-water Amoca field development in the Gulf of Mexico, international media reported Tuesday.

In an interview with the Financial Times, Eni CEO Claudio Descalzi said that the company was working on an an early production plan, targeting H1 2019 for first oil from the field, which is located in Contract Area 1 in the Southeastern Basins.

The company is aiming for a USD 20-per-barrel break-even price, with production from Amoca expected to reach about 50,000 bopd. A final investment decision is expected by Q1 2018.

Eni is also planning to move ahead with exploration in Contract Area 1’s Miztón prospect, with plans to drill two more wells in H2 2017.

“We are ready to build a big base in the country […] We want to move fast,” Descalzi told the Financial Times, calling Mexico a “rare opportunity” due its resource prospects and infrastructural development.

A discovery was made at the Amoca field in March, resulting in Eni raising its resource estimates for the reservoir to 1 billion boe, and to 1.3 billion boe for the entire block. The field contains oil with API gravities of 25-27 degrees.

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