Daily Management Review

Eni to sell a stake in its Mexican field


04/06/2018


Eni, which now owns 100% of the oil field in the Gulf of Campeche and expects to start production in early 2019, will sell 20-35% of Qatar Petroleum. Eni is also negotiating with other potential buyers, the agency’s interlocutors told.



catmoz via pixabay
catmoz via pixabay
The Italian company seeks to sell a stake in the field to finance future developments and maintain dividends.

Eni opened a large oil field in the Bay of Campeche off the coast of Mexico, having the right to work on this site thanks to the victory in the tender in 2015.

If the talks are successful, Qatar Petroleum will receive a stake in the project. Eni estimates that this area may contain the equivalent of 2 billion barrels of oil.

Eni is one of the European oil companies that show great interest in Mexico. The country opened its oil industry in 2013, completing the state monopoly on exploration and production.

As a result of the tender last month, British BP Plc, French Total SA, Spanish Repsol SA, Russian LUKoil and German DEA Deutsche Erdoel AG received the right to work on the field.

The next tenders will be held in July and September - until the end of the term of office of the President of Mexico Enrique Peña Nieto.

In the meantime, Mexico's proved hydrocarbon reserves for the year of 2017 decreased by 7.4% to 8.483 billion barrels of oil equivalent, the National Hydrocarbon Commission said, including oil reserves at the beginning of 2018, 6.46 billion barrels.

The regulator also reported that these figures included 69.5 million barrels of oil and 454.4 billion cubic feet of gas confirmed by ENI and Hokchi Energy.

Mexico is one of the world's major oil producers, but the trends of recent years have led to a reduction in production. Now the authorities are trying to turn the tide, since December 2013, Mexico has been reforming the energy sector, which for the first time in 80 years has allowed private investment in this sector.

As part of the reform, the oil company Pemex and CFE (the national energy system) were given the right to enter into contracts with private companies and attract investments. It is about the development, extraction, processing, transportation and storage of oil, gas and electricity.

source: bloomberg.com






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