Italy’s Eni could invest close to US$120mn in Mexico offshore exploration

Bnamericas Published: Tuesday, November 22, 2022

Mexico's hydrocarbons regulator CNH greenlit a plan by Italian oil and gas giant Eni to explore its G-CS-01 shallow water area off the coast of Veracruz.

The company will invest between US$108mn US$119mn next year to spud two wells and conduct a series of geological, geophysical and engineering studies. 

During the same meeting on Tuesday, CNH authorized Shell to spud the Itzcali deepwater exploratory well at its AP-PG06 area off the coast of Tamaulipas state, starting in April.

The regulator said the company could find prospective resources totaling 247Mboe (million barrels of oil equivalent), with a success probability of 24%. It will utilize the Maersk Voyager spudding barge.

CNH also approved smaller 2023 exploration budgets presented by TotalEnergies and Repsol.

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