Receive our newsletter – data, insights and analysis delivered to you
  1. News
November 24, 2021

Lukoil makes new oil discovery offshore Mexico

According to preliminary estimates, the discovery’s initial oil in place is 250 million barrels.

By Archana Rani

Russian independent oil firm Lukoil has made oil field discovery within the Yoti West structure at Block 12 offshore Mexico.

The field was discovered following the drilling of the first exploration well, Yoti West-1 EXP. It was drilled using the Valaris 8505 semi-submersible rig.

According to preliminary estimates, the discovery’s initial oil in place is 250 million barrels.

Following the drilling, the Yoti West-1 EXP well encountered a sand reservoir in Upper Miocene sediments featuring high permeability and effective oil-saturated thickness of 25m.

Based ​on drilling results, Lukoil plans to develop an assessment plan for the Yoti West field.

The firm previously said that the drilling its first exploration well was focused on turbidite deposits of Upper and Lower Miocene.

Content from our partners
How the North of Tyne region is leveraging its legacy to define its future
Q&A with Chevron Lubricants’ Paul Sly, global industrial OEM specialist, and Nathan Knotts, global brand technical manager
The important role of antifoam agents in oil-gas separation and amine treating

In a press statement, Lukoil earlier said: “Drilling of the Yoti West-1Exp will provide geological and geophysical data needed to make a decision on further exploration of Block 12.”

Covering an area of 521km², Block 12 is operated by Lukoil subsidiary Lukoil Upstream Mexico with a 60% stake while the remaining stake is held by Eni.

The Valaris 8505 semisubmersible rig was moved to the Yoti West-1Exp well following completion of work on the Sayulita-1 EXP well in Block 10.

Blocks 10, 12, and 14 are situated in Sureste Basin in the shallow waters of the Gulf of Mexico.

Last month, Lukoil signed a $2.25bn deal to acquire an additional 15.5% stake in the Shah Deniz natural gas project in the Azerbaijan sector of the Caspian Sea from Petronas.

The deal increases Lukoil’s interest in the project to 25.5% from the existing 10%.

Located 70km south-east of Baku, the Shah Deniz gas condensate field produced 18.1bcm of gas and 3.6 million tonnes of gas condensate last year.

Related Companies

NEWSLETTER Sign up Tick the boxes of the newsletters you would like to receive. The top stories of the day delivered to you every weekday. A weekly roundup of the latest news and analysis, sent every Friday. The industry's most comprehensive news and information delivered every month.
I consent to GlobalData UK Limited collecting my details provided via this form in accordance with the Privacy Policy
SUBSCRIBED

THANK YOU