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Qatar Petroleum acquires 35% stake in 3 offshore Mexican blocks from Eni

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Qatar Petroleum acquires 35% stake in 3 offshore Mexican blocks from Eni

Qatar Petroleum announced Dec. 16 that it acquired a 35% interest in the Amoca, Mizton and Tecoalli blocks in Area 1 of Campeche Bay, offshore Mexico.

The deal is subject to regulatory approvals from the government of Mexico, which once obtained, will allow Eni and Qatar Petroleum to hold a 100% interest in the Area 1 production sharing contract. Eni will remain as the operator.

Initial production is expected to be 8,000 barrels of oil per day by mid-2019 and reach full output of around 90,000 bpd by 2021.

Production will be treated at an existing Pemex facility, Eni said. Two additional platforms will be installed on the Amoca field and one on the Tecoalli field.

The final investment for Area 1 will be $2 billion. The area is estimated to hold 2.1 billion barrels of oil equivalent, which is expected to be 90% oil. Total production is projected to hit 102,000 barrels of oil equivalent by 2021.

With a 65% stake, Eni is also a partner with Qatar Petroleum in Block 24 in the deep waters of the Cuenca Salina Basin in Mexico.