LatinNews Regional Monitor: Mexico - 18 February 2020

* Italian oil company Eni announced a new oil discovery on the Saasken Exploration Prospect in Block 10, in the waters of Cuenca Salina in the Sureste Basin off the coast of Mexico. The Block 10 Joint Venture is comprised of Eni (65% stake), the Russian corporation Lukoil (20%) and British company Capricorn (15%). The Saasken-1 NFW well is the sixth successful well drilled by Eni in the Sureste Basin. Preliminary estimates show that the well could contain between 200m and 300m barrels of oil, with a production capacity of more than 10,000 barrels of oil per day. Operating in Mexico since 2009, Eni holds the rights in eight exploration and production blocks, all in the Sureste Basin in the Gulf of Mexico. The discovery is Eni’s second in less than two years, a result of the energy reform approved during the previous administration led by President Enrique Peña Nieto (2012-2018) which opened up Mexico’s oil sector to increased private participation. Eni is also planning an important exploration campaign in the other licenses it holds in Mexico.

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