ENI Upgrades Hydrocarbon Estimates at Mexico's Area 1
December 12 2017 - 7:55AM
Dow Jones News
By Nathan Allen
Italy's ENI SpA (ENI.MI) has upgraded its hydrocarbons-in-place
estimate for the Area 1 offshore exploration block in Mexico's
Campeche Bay following a successful drilling campaign, the company
said Tuesday.
The company said it now believes Area 1--which comprises the
Amoca and Mizton fields--holds about 2 billion barrels of oil
equivalent compared with an earlier estimate of 1.4 billion
barrels. Oil accounts for about 90% of Area 1's hydrocarbons, with
gas making up the remaining 10%, ENI said.
ENI said it would shortly submit its development plan for the
area to Mexico's national hydrocarbon authority, the CNH.
The company plans to give a final investment decision once it
receives regulatory approval, and expects to start production in
the first half of 2019, it said.
Write to Nathan Allen at nathan.allen@dowjones.com
(END) Dow Jones Newswires
December 12, 2017 07:40 ET (12:40 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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