Eni enters Mexico with the development of three oil fields offshore

10/1/2015

ROME -- Eni won with a 100% share a production sharing contract to appraise, develop and exploit the oil fields of Amoca, Miztón e Tecoalli, located in the Area 1 in the Campeche Bay, offshore Mexico, following an international auction held yesterday in Mexico City.

The Amoca, Mitzon and Teocalli fields are located in "Area 1" shallow water (from 20 to 40 m depth) close to shore, in an context in which Eni is endowed with a proved experience and operates worldwide with high efficiency and low operating costs. According to the official estimates by the local authorities which organized the bid round (Comisión Nacional de Hidrocarburos - CNH) the combined oil volumes in place for the three fields are approximately 800 MMbbl of oil and 480 Bcfg.

Eni will now move on with the appraisal campaign of the fields with the target to identify a synergic and fast track development plan.

Of the five areas offered in the bid round, the Area 1 was the one with the highest level of competition. Area 1 award is subject to the approval of local authorities. Yesterday’s auction was the second bid called by CNH under the 'Ronda 1', following the Energy Reform of 2014 which allows local and foreign companies to operate in Mexico.

Area 1 will be operated by the new company Eni Mexico.

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