Eni finds oil offshore Mexico

Eni has confirmed the presence of oil in multiple reservoirs with the Amoca-2 well in the Campeche Bay.

Offshore staff

SAN DONATO MILANESE, Italy– Eni has confirmed the presence of oil in multiple reservoirs with the Amoca-2 well in the Campeche Bay offshore Mexico.

Amoca-2 is the first well drilled by an international oil major in Mexico since the2013 Energy Reform. It is located in the Contractual Area 1,200 km (124 mi) west of Ciudad del Carmen in 25 m (82 ft) of water.

The well reached TD of approximately 3,500 m (11,483 ft), encountering about 110 m (361 ft) of net oil pay from several good-quality Pliocene reservoir sandstones, of which 65 m (213 ft) were discovered in a deeper, previously undrilled horizon.

The well confirmed the presence of 18° API oil in the shallower formations, while the newly discovered deeper sandstones contain high quality light oil. Reserves are still being assessed, but the well indicates a meaningful upside to the original estimates, according to Eni.

The Area 1 drilling campaign will continue with a new well in the Amoca area (Amoca-3) followed by the Miztón-2 and Tecoalli-2 delineation wells, to be drilled in 2017 to appraise existing discoveries as well as targeting new undrilled pools.

Eni holds a 100% stake in the Area 1 production-sharing agreement and is already evaluating options for a fasttrack phased development of the fields.

CEO Claudio Descalzi said: “This important discovery comes in a country where Eni has not yet operated and confirms our exploration capabilities, building upon our strong exploration track-record, and is another confirmation of the validity of our ‘Dual Exploration Model’ approach.

“Focusing on conventional exploration with high initial stakes and operatorship, we manage to fasttrack exploration activities, monetize exploration successes early and receive competitive development opportunities, therefore maximizing value generation for our shareholders.”

03/23/2017

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