Oil and gas supermajor, ENI, has announced that it has singed an agreement to explore and develop three new offshore oil fields.
The deal has been signed with the Mexican government, and will see the firm both conduct the offshore exploration as well as the development and production from the fields.
The three offshore fields, Amoca, Miztón and Tecoalli are located in the Bay of Campeche, in the southern bight of the Gulf of Mexico.
The contract drawn up between the two parties is in the form of a Product Sharing Agreement (PSA), entitling the Mexican government to a portion of the oil and gas produced.
Offshore Oil Reserves
According to Mexico’s petrochemical governmental body, the Comisión Nacional de Hidrocarburos (CNH), the three offshore fields are estimated to contain around 800 million barrels of oil equivalent and 480 billion cubic feet of natural gas.
Offshore Exploration & Development
ENI have said that they will now start to explore the areas with a view to fast track the oil field’s development to production.
The oil and gas supermajor said that they now plan to start the project by drilling four new offshore wells in the area which has a water depth of between 20 – 40 meters (66 – 31 ft).