Eni To Expand Footprint In Mexico With Block 28 Rights

Eni SpA E, along with partner Lukoil, has won rights to Block 28 in the Cuenca Salina Basin, offshore Mexico. The company received the rights to the new block during the first international competitive bid round — Ronda 3 — from the National Hydrocarbons Commission or Comisión Nacional de Hidrocarburos ("CNH").

Eni, as an operator, has a stake of 75% in the license, while Lukoil holds the remaining 25%. The first international competitive bid round offered blocks located in water depths between 20 and 500 meters.

Eni holds stakes in other licenses in the Cuenca Salina Basin. The company holds a 100% stake in Area 1, where it encountered about 2 billion barrels of hydrocarbon. A Plan of Development (PoD) has already been submitted for the approval of the local authorities relating to development of the discovered resources. Additionally, Eni operates four other exploration and production blocks in the Cuenca Salina Basin —  Block 7, Block 10, Block 14 and Block 24 — where the company holds 45%, 100%, 60% and 65%, respectively.

The award of the new license in the Cuenca Salina Basin allows Eni to expand in a new core area with considerable operational synergies in the country.

Eni's presence in Mexico dates back to 2006 and its wholly-owned subsidiary, Eni Mexico S. de R.L. de C.V., was established in 2015.

About Eni

Eni with its consolidated subsidiaries is engaged in oil and gas, electricity generation, petrochemicals, oilfield services as well as engineering industries. The company's major business segments are Exploration and Production (E&P), Gas and Power and Refining and Marketing. The company conducts its major exploration and production activities for hydrocarbons.

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