Eni has secured approval from Mexico to proceed with its offshore drilling campaign.
The company signed a production sharing contract (PSC) with the Mexico’s national hydrocarbons commission (CNH) for development and exploitation of the Amoca, Miztón and Tecoalli oil fields in the Bay of Campeche offshore Mexico.
On 30 September, Eni was awarded the rights to develop the shallow water fields that are located on the southern edge of the Gulf of Mexico inside Area 1.
The fields cover 55km² and are in water depths of 20m-40m close to shore.
Eni secured the award following an international auction that was held in Mexico City.
The Area 1 had the highest level of competition out of the five areas that were offered in the bid round.
CNH estimated that the three fields have combined oil reserves of about 800 million barrels of oil and 480 billion cubic feet of associated gas.
Following the approval, Eni will now proceed with the delineation campaign of the fields by drilling four new wells to identify a synergic and fast-track development plan.
Recently, Eni announced the restart of drilling activities on its 30 trillion cubic feet Zohr gas field located in the Egyptian sector of the Mediterranean Sea in January 2016.
Zohr is located in the Shorouk concession, which has an area of 3,765km².