Qatar Petroleum has entered into an agreement with Eni to acquire a 35 per cent participating interest in three offshore oil fields in Mexico.
On Sunday 16 December, Minister of State for Energy Affairs and President and CEO of Qatar Petroleum, His Excellency Saad Sherida Al-Kaabi and Chief Executive Officer of Eni, Claudio Descalzi, signed a sale and purchase agreement to enable Qatar Petroleum to acquire a 35 per cent interest in the Amoca, Mizton and Tecoalli oilfields, in Area 1 of offshore Mexico.
The agreement does, however, remain subject to the authorisation by the Mexican authorities and if all goes ahead Eni will remain Operator.
Located in the shallow waters of the Campeche Bay, Area 1 was awarded to Eni with a 100 per cent participating interest in a competitive bid round in September 2015 and the Production Sharing Contract was signed in December 2015.
Area 1 is estimated to hold 2.1 billion of oil equivalent in place (90 per cent oil) in world-class reservoirs. Eni has already drilled five successful wells in the area.
Mr Al-Kaabi said the agreement marks another milestone for Qatar Petroleum as it strengthens its international footprint and expands its presence in Mexico.
“We are also excited about participating in this development in Mexico’s Campeche Bay, and with first oil production expected by mid-2019, we look forward to collaborating with Eni to ramp up production to around 90,000 barrels of oil per day by 2021,” Mr Al-Kaabi commented.
More information on this announcement can be found here.