Crude oil from Mizton Field offshore Mexico reaches US markets

Aug. 28, 2022
Produced by Eni, the exports represent the first Mexican oil shipped to a foreign market by the company other than Pemex.

Offshore staff

MEXICO CITY/HOUSTON – Exports of Mexico’s newest crude are ramping up from Eni’s Mizton field as US refiners find it an apt replacement for banned Russian oil and one that complements domestic grades.

As reported by Reuters, the shipments represent the first crude exports made by an oil company other than state firm Pemex in Mexico’s history.

The Mizton field is part of the Mizton-Amoca-Tecoalli cluster in the southern Gulf of Mexico. Eni estimates that the fields hold about 2.1 billion barrels of oil and gas. The Miamte FPSO, which can handle up to 90,000 barrels per day of output, began pumping the oil in February.

Four vessels chartered by Eni Trading & Shipping have discharged at US ports since April, according to the Reuters report. They have carried a total of about 2.2 million barrels of the crude to US refiners including Marathon Petroleum and PBF Energy.

A fifth Eni cargo of 525,000 barrels of Mizton on Aframax tanker Nippon Princess is scheduled to reach the US East coast soon, reportedly purchased by PBF Energy.

Mizton crude is similar in quality to other US Gulf grades used by coastal refiners, and a good replacement of Russia’s flagship Urals crude, according to analysis in the Reuters report.

Russian oil, which accounted for about 3% of total US crude imports last year, was banned in April as part of American sanctions on Russia in the wake of its invasion of Ukraine.