Eni: More oil offshore Mexico than originally estimated

13 Dec 2017   Italy, Mexico

Italian energy company Eni said Tuesday the results of a well off the coast of Mexico meant it could raise its oil reserve estimate by more than 40 percent. The company said it finished drilling a well in the shallow waters in the Campeche Bay off the coast of Mexico. As a result, the company said it was able to revise its estimate for the broader region, an exploration prospect it calls Area 1, from 1.4 billion to 2 billion barrels of oil equivalent. About 90 percent of that estimate is expected to exist as oil. “Eni will shortly submit the development plan for Area 1 to the approval of the local authorities,” the company said in a statement . […]

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