Eni strikes significant oil discovery in Sureste Basin, offshore Mexico

Eni has made a significant new oil and gas discovery at the Yopaat-1 EXP exploration well in Block 9, located about 63 kilometers off the coast in the mid-deep waters of the Cuenca Salina in the Sureste Basin, offshore Mexico. Preliminary estimates suggest that the discovery contains potential reserves of around 300-400 million barrels of oil equivalent (Mboe) in place.

The exploration well was drilled to a total depth of 2,931 meters in a water depth of 525 meters, uncovering approximately 200 meters of net pay containing hydrocarbon-bearing sands in the Pliocene and Miocene sequences. This discovery is currently undergoing an intense subsurface data acquisition campaign to further assess its potential.

Block 9 is operated by Eni under a joint venture with Repsol, each holding a 50% participating interest. This discovery, along with previous finds in Eni-operated Blocks 7 and 10, confirms the high value of Eni’s asset portfolio in the region. The total estimated resources in the Sureste Basin now exceed 1.3 billion barrels of oil equivalent (Bboe), bolstering Eni’s position as the main foreign operator in Mexico.

This latest find enhances the prospects for a future “Hub” development strategy that Eni is considering. This strategy would integrate this new discovery with other finds and prospects in the area, leveraging nearby existing infrastructure to optimize development costs and operational efficiency.

Eni has been active in Mexico since 2006 and established its wholly owned subsidiary, Eni Mexico S. de R. L. de C.V., in 2015. The company now holds rights in eight exploration and production blocks in the Sureste Basin in the Gulf of Mexico, operating seven of these. The continued success in this region underscores Eni’s commitment to expanding its footprint in Mexico’s energy sector, aligning with its global strategy to enhance its portfolio in key oil and gas regions.

The discovery in Block 9 represents a significant boost for Eni’s exploration and production capabilities in Mexico. It not only reaffirms the geological potential of the Sureste Basin but also showcases Eni’s effective strategy and operational excellence in deep-water exploration. As the industry shifts towards more efficient and strategic resource development, Eni’s approach in Mexico could serve as a model for integrating new discoveries with existing operations to maximize resource utilization and economic return. This discovery is likely to attract further investment and interest in the region, marking a pivotal moment in Mexico’s offshore development narrative.