“This is an important find and we’ve found new layers of good light oil that make us think there’s more,” Chief Executive Claudio Descalzi said at an oil and gas conference.
Eni said earlier this month it had found “meaningful” reserves of oil off the coast of Campeche after becoming the first international oil company to drill a well in Mexico after a 2013 reform opening up the sector to investors.
State-controlled Eni, which in recent years has made major gas finds in Mozambique and Egypt, holds one of the best discovery track records in the industry.
Its organic reserve replacement ratio — a measure of its ability to find hydrocarbons — stood at 193 percent in 2016 compared to a 35 percent peer average.
“Eni’s Zohr discovery is a game changer,” Egypt’s oil minister Tarek El Molla said on Wednesday, referring to Eni’s discovery in Egyptian waters of the biggest gas field ever found in the Mediterranean.
Descalzi said Eni would follow the same strategy in Mexico as it had adopted in Egypt, using infrastructure already in place to help speed up time to market.
He said the discovery, some 6-7 km from the coast, was close to installations owned by Mexico’s state-owned oil company Pemex. He added he would speak to Pemex in coming months to discuss using some of their infrastructure in the area.
Royal Dutch Shell, Chevron and Exxon Mobil have recently signaled the oil industry’s return to Mexico’s deep waters with high bids in a government auction.
Since taking over as Eni CEO in 2014, oil veteran Descalzi has streamlined the company, focusing attention on the upstream job of finding oil and gas.
Asked about the group’s retail gas and power business which serves 11 million clients, he said a decision would be taken this year on whether or not to sell all or part of it. “There is a lot of interest from industrial players and funds,” he said.
Descalzi, former head of Eni’s upstream activity, is set to be re-appointed CEO of Eni in April for a second three-year mandate.
more recommended stories
Mexico analyzing U.S. proposal on deportation funding
MEXICO CITY (Reuters) – Mexico’s government.
López Obrador promises an extra 10 billion pesos for earthquake recovery
President-elect Andrés Manuel López Obrador yesterday.
AMLO stuck for hours on commercial flight in Oaxaca
Mexico’s President-elect Andres Manuel Lopez Obrador,.
Yucatan will become a pole for Artificial Intelligence in Mexico
Yucatan seeks to become the pole.
Increased prevention efforts needed to curb the growing risk of future natural disasters in Yucatán
Aarón Palomo Euán, director of the.
Truck storing 150 unclaimed corpses found in Jalisco, Mexico
Two weeks after residents of Tlaquepaque,.
“Quintana Roo’s subsoil fragility is a challenge that the Maya Train will face ” expert says
Chetumal (19 Sept 2018) .- In.
Pitbull’s exhibition and seminar in Oxkutzcab, Yucatán (Sep. 23)
On Sunday, September 23, an exhibition of.
A study by Universidad del Caribe reveals exponential increase of Airbnb rooms in Cancun
Cancun, Q.R. — A new reports.
Mexico’s next government starts oil contract reviews with Talos Energy
MEXICO CITY (Reuters) – Mexico’s incoming.