- Eni (E +0.8%) says it will fast-track development of the first new field drilled by an international company in Mexico in nearly 80 years after discovering an estimated 1bn barrels of oil in the Gulf of Mexico's Amoca field earlier this year.
- Eni CEO Claudio Descalzi tells Financial Times that plans are being prepared for an early production system that should deliver the first oil from Amoca in H1 2019, with potential for 50K bbl/day.
- The CEO says Mexico has become one of the best prospects in the global oil and gas industry, providing “a rare opportunity” because it offers plentiful resources in shallow water, close to the coastline of a relatively developed country, with good infrastructure already in place.
- Eni is targeting a breakeven point below $20/bbl from Amoca, which lies off the coast in Campeche Bay west of the Yucatan peninsula.