Italian Oil Company Discovers 200-300Mln Barrel Oil Deposit In Mexican Waters

Italian oil company Eni on Monday announced it had discovered an oil deposit of between 200 million and 300 million barrels off the coast of Mexico

MOSCOW (UrduPoint News / Sputnik - 17th February, 2020) Italian oil company Eni on Monday announced it had discovered an oil deposit of between 200 million and 300 million barrels off the coast of Mexico.

"Eni announces a new oil discovery on the Saasken Exploration Prospect in Block 10, located in the mid-deep water of the Cuenca Salina in the Sureste Basin, Offshore Mexico. According to preliminary estimates, the new discovery may contain between 200 and 300 million barrels of oil in place," the company said in a statement.

The company also talked about the importance of Mexico for its business strategy, calling it a "core country" with regard to future growth.

"The company is currently producing approximately 15,000 barrels of oil equivalent per day (boed) from Area 1 and expects to reach a plateau of 100,000 boed in the first half of 2021. Eni is also planning an important exploration campaign in the other licenses held in Mexico," the company added.

Eni owns a 65 percent stake in the Block 10 Joint Venture. Its investment partners include Russia's Lukoil (20 percent) and Capricorn (15 percent), a subsidiary of UK's Cairn Energy. The joint venture will appraise the discovery and begin studying the discovery's commercial development.