Italian oil company Eni to invest US$475 million in Mexico during 2019

Italian oil company Eni to invest US$475 million in Mexico during 2019

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Oil company Eni will invest US$474.9 million in Mexico during 2019, as part of its development plan to extract oil in shallow waters of the Gulf of Mexico.

The Italian company will allocate 44% of said budget to build infrastructure and 40% to the drilling of six wells, said officials of the National Hydrocarbons Commission (CNH), during its 72nd extraordinary session (video).

Eni has a production-sharing contract for 25 years, which it won in round 1.2, to extract crude in the areas of Miztón, Amoca and Tecalli, located in Tabasco. In fact, 35% of the participation in these fields was sold days ago to Qatar Petroleum.

During 2019 the company will extract 8,000 barrels of light oil and 6.4 million cubic feet of gas per day for a total 1.65 million barrels and 1.32 billion cubic feet by the end of the year.

The CNH warned that the Eni project faces a 3-month delay due to lack of permits and authorizations by the Ministry of Communications and Transportation (SCT), the National Water Commission (Conagua) and the Agency for Safety, Energy and Environment (ASEA), in order to to move infrastructure to the fields.

“This would be the first major project that, if all the administrative issues are solved, would bring the first barrels of shallow waters in the Gulf of Mexico,” said commissioner Sergio Pimentel, who asked the authorities involved to support the development of the project that would increase the country's oil production.

On July 31, 2018, CNH approved Eni's development plan with a total investment of US$4.8 billion over the next 22 years aimed to reach a production peak of 90,000 barrels per day during the first quarter of 2021.



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