Eni SpA E inked a Production Sharing Contract (PSC) with the Comisión Nacional de Hidrocarburos of Mexico (“CNH”) relating to the exploration and development of three oil fields offshore Mexico.
The three oilfields – Amoca, Miztón and Tecoalli – are located in the Bay of Campeche, offshore Mexico. Following an international tender, Eni was awarded the exploration and development rights for these oilfields on Sep 30, 2015. All three fields are located inside "Area 1."
The fields are close to the shore and lie in conventional waters at a depth of 20–40 meters. Eni is an expert when it comes to operating in such conditions and has demonstrated great efficiency and low operating costs in such operations worldwide.
Per the official estimates by CNH, the total oil volume in place for the three fields is about 800 million barrels of oil and 480 billion cubic feet of associated gas.
Eni will now advance with the delineation campaign of the fields. Hence, it will drill four new wells to ascertain a synergic and fast track development plan.
Based in Rome, Eni with its consolidated subsidiaries is engaged in oil and gas, electricity generation, petrochemicals, oilfield services and engineering industries. The company’s major business segments are Exploration and Production, Gas and Power, and Refining and Marketing. Other segments are Chemicals, Services and Engineering, Other and Corporate, and Corporate and Financials.
The company conducts its major exploration and production activities for hydrocarbons. Eni operates these activities out of Italy, Croatia, North Africa, West Africa, the North Sea, the Gulf of Mexico, the Middle and Far East, the Caspian Sea, Australia and Latin America.
Eni carries a Zacks Rank #3 (Hold). Some better-ranked players from the broader energy sector are Energy Transfer Equity, L.P. ETE, ReneSola Ltd. SOL and Boardwalk Pipeline Partners, LP BWP. Each of these stocks sports a Zacks Rank #1 (Strong Buy).
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