New oil discovery on Block 10, Mexico | 349 (January-February 2020)

Joint venture of ENI (65%), LUKOIL (20%) and Capricorn (15%) made a new discovery on the Saasken Exploration Prospect in the Sureste Basin, Offshore Mexico that may contain between 200 and 300 million barrels of oil in place.

2020-02-20 19:11 Views 43

Partners drilled six successful wells on Block 10. Saasken-1 NFW well was drilled by the Valaris 8505 Semisub in a water depth of 340 meters and reached a total depth of 3,830 meters.

An intensive data collection has been carried out on the well and the data acquired indicate a production capacity for the well of more than 10,000 barrels of oil per day.

The discovery is opening a potential commercial outcome of Block 10 since several other prospects located nearby may be clustered in a synergic development.

According to ENI statement, JV partners will work to appraise the discovery and to exploit nearby synergies in order to start the studies for a commercial development.

LUKOIL’s offshore projects in Mexico

LUKOIL won a tender for Block 12 in the Gulf of Mexico’s Campeche Basin in June 2017 and signed the relative contract in September of that year. In November 2018, the company exchanged its 40% share in the project for 20% of Block 10 and 14, each, operated by ENI.

In March 2018, LUKOIL and ENI won a tender for Block 28 in the Gulf of Mexico (Sureste basin). LUKOIL got 25%, and ENI got 75% in this project.

Mexican President Andres Manuel Lopez Obrador has since suspended the oil auctions as he seeks to boost state-owned Pemex, which has experienced 15 straight years of falling oil output. He has challenged contract winners to invest and quickly produce oil before he considers allowing more auctions.

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