Eni upgrades Mexico asset estimates

MEXICO CITY, December 12, 2017 – Eni has raised its reserves estimates at Contract Area 1 in Mexico following the completion of a well in the Tecoalli prospect, the Italian major announced Tuesday.

The company now says the block holds an estimated 2 billion boe in hydrocarbons resources, up from the 1.4-billion-barrel figure given in September after the company drilled the Miztón-2 well. Eni also said that 90% of the block’s resources are oil.

With an eye to reach first production from the Amoca field by H2 2019, the major is now preparing to submit development plans to Mexico’s National Hydrocarbons Commission. Upon regulatory approval, Eni will give its final investment decision for the development.

The PSC for shallow-water Contract Area 1, located in the Bay of Campeche, was awarded to Eni in the October 2015 Round 1.2 bidding process.

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