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Qatar Petroleum, Eni ink Gulf of Mexico oil deals

Dubai — Qatar Petroleum signed a deal with Italy's Eni late Sunday to acquire a 35% stake in three offshore oilfields in Mexico, QP said in a statement.

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QP will hold interests in the Amoca, Mizton and Tecoalli fields in Area 1 of the Campeche Bay complex. QP already holds some stakes in Area 1, as part of a Shell-Eni consortium participating in the exploration of five offshore blocks in the Perdido and Campeche basins. The new deal will give both Eni and QP a 50:50 share over Area 1.

First oil from Campeche Bay is expected by mid-2019, with a production rate of 90,000 b/d of oil expected by 2021.

"These expansions go hand in hand with our previous announcements to develop and increase our natural gas production from 77 million mt/year to 110 million mt/year in the coming years; and to raise our production capability from 4.8 million barrels of oil equivalent per day to 6.5 million barrels during the next decade," Qatar's minister for energy Saad al-Kaabi said.

The agreement will need to be given for final assent from the Mexican government.

QP has already undertaken several moves to expand its overseas footprint. Last week, the company announced that it would be acquiring a 10% stake in three offshore blocks in the Mozambique play operated by ExxonMobil. QP has also recently undertaken positions in Argentina, Brazil, Congo, Cyprus, Oman, and South Africa.

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--Miriam Malek, miriam.malek@spglobal.com

--Edited by Ikhhlaq Singh Aujla, newsdesk@spglobal.com