Eni & Lukoil Sign Agreement on Exploration Licenses Offshore Mexico

Source: www.gulfoilandgas.com 11/6/2018, Location: South America

Eni and Lukoil signed a farm-out agreement for the transfer of participating interests in three exploration licenses in Mexico’s shallow waters.

According to the agreement, Eni will give Lukoil a 20% stake in the Production Sharing Contracts (PSC) in both Area 10 and Area 14, and will acquire a 40% stake in Lukoil’s PSC for Area 12. The objective of the deal, in light of the close proximity of the blocks, is to diversify the exploration risks, accessing wider opportunities and increasing mutual operational synergies. The new joint ventures will be as follows: Area 10 (Eni 80% operator, Lukoil 20%); Area 12 (Lukoil 60% operator, Eni 40%); Area 14 (Eni 40% operator, Citla 40% and Lukoil 20%). The agreement is subject to the approval by the Mexican authorities.

The three blocks are all located in the prolific Sureste Basin and they were awarded to Eni and Lukoil in 2017 as the outcome of an international competitive bid round called “Ronda 2.1”, issued by the National Hydrocarbon Commission (CNH). The exploration drilling campaign is planned to start as early as mid-2019.

Eni is present in Mexico since 2006 and established its wholly-owned subsidiary Eni Mexico S. de R.L. de C.V. in 2015. After the approval of today’s swap agreement by the Mexican authorities, Eni will hold rights in seven exploration and production blocks all offshore: Area 1 (Eni 100%, operator), Area 7 (Eni 45%, op.), Area 10 (Eni 80%, op.), Area 12 (Eni 40%), Area 14 (Eni 40%, op.), Area 24 (Eni 65%, op.) and Area 28 (Eni 75%, op.). In July 2018 CNH approved Eni’s Development Plan for the discoveries of Amoca, Mizt?n and Tecoalli, located in Area 1, which hold an estimated 2.1 billion barrels of oil equivalent in place (90% oil) in world-class reservoirs.


Egypt >>  6/27/2022 - Engineer Tarek El Molla, Minister of Petroleum and Mineral Resources, discussed with Roger Planck, Chairman of the Board of Directors of the American ...
Mongolia >>  6/27/2022 - The AIM-listed Mongolian oil explorer Petro Matad Limited ("Petro Matad" ) releases its audited final results for the fiscal year that ended on Decemb...

Uruguay >>  6/27/2022 - With assets in oil production, appraisal, development, and exploration across the region, Challenger Energy (CEG), an oil and gas company with a focus...
Indonesia >>  6/24/2022 - A Production Sharing Contract (PSC) has been signed with PETRONAS North Ketapang Sdn. Bhd., a subsidiary of PETRONAS, for the North Ketapang Block, wh...

Namibia >>  6/22/2022 - Global Petroleum Limited provides an update on its operations in Namibia and Italy.

Namibia
On 25 April 2022 the Company announced th...

Pakistan >>  6/22/2022 - Oil and Gas Development Limited, being the operator of Kalchas Exploration Licence (operator, 50%) along with Mari Petroleum Company Limited (MPCL, 50...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.