Eni plans to drill an exploration well in the Cuenca Salina basin

Eni will drill the Tlazotli 1 well in the Cuenca Salina basin in the Gulf of Mexico, after obtaining approval from the National Hydrocarbons Commission. The company hopes to develop the area, while investing in gas exploration to reduce methane emissions.

Share:

Eni, the Italian operator, has received approval from Mexico’s National Hydrocarbons Commission (CNH) to drill an exploration well in the ultra-deep Cuenca Salina basin off Veracruz in the Gulf of Mexico.

Eni’s light oil production forecast in Mexico

Eni hopes to use the data obtained from this well, known as Tlazotli 1, to determine whether to develop the area. The Tlazotli 1 location looks promising, as other companies have already discovered oil in the vicinity, and Eni has identified seven prospects with different resource levels in the block.

The largest prospect, Tlazotli, is where Eni hopes to find about 470 million barrels of oil equivalent (boe) in a Miocene formation, mostly light oil. Eni will drill Tlazotli from May 28 to July 16, spending about $54 million. Eni has been one of the most successful drillers in Mexico since the country’s upstream operations were liberalized in late 2013. The company has eight upstream contracts in Mexico and operates seven of them.

Eni receives CNH approval to drill Tlazotli 1 well in the Gulf of Mexico

Eni’s success in Mexico has been highlighted by its recent discovery in Block 7, where the company has located approximately 200 million boe. Eni CEO Claudio Descalzi announced that the company is investing about $2.1 billion through 2026 in exploration activities around the world, hoping to find 2.2 billion boe, mostly gas, as the company tries to reduce methane emissions and gradually reduce its exposure to oil and focus on gas as a transition fuel.

In February, Eni produced 26,440 barrels per day (bpd) of crude oil and 22 million cubic feet per day (MMcf/d) of gas, according to CNH data. Mexico is the only pure oil asset in Eni’s portfolio.

Eni has obtained approval from Mexico’s CNH to drill the Tlazotli 1 well in the Gulf of Mexico, hoping to obtain data to develop the area. The company identifies seven prospects with different resource levels and plans to spend $54 million to drill Tlazotli. Eni is also investing in gas exploration to reduce methane emissions and plans to invest $2.1 billion by 2026 to find primarily gas around the world.

  • Populaires ​
Glencore in talks with London over future of insolvent Lindsey oil refinery
US oil inventories unexpectedly rise by 3.8 million barrels
Global Oil Exploration Investments Decline, a First Since 2020
TotalEnergies sells 50% of its renewable assets in Portugal for €178.5mn
Madagascar signs with Global South Utilities to develop up to 250 MW solar
Petro-Victory Energy successfully completes drilling of AND-5 well in the Andorinha field, Brazil
Petro-Victory Energy announces the completion of drilling operations for the AND-5 well in the Andorinha field, Brazil, with positive reservoir results and next steps for production.
Colombia: Perenco accused of funding a paramilitary group between 1997 and 2005
The Colombian prosecutor’s office has seized two offices belonging to the oil company Perenco in Bogotá. The company is accused of financing the United Self-Defense Forces of Colombia (AUC) in exchange for security services between 1997 and 2005.
Indonesia Increases Its Energy Purchases from the United States: A Major Deal with Pertamina
Indonesia has signed a memorandum of understanding with the United States to increase its energy imports. This deal, involving Pertamina, aims to diversify the country's energy supply sources.
VAALCO focuses on Baobab field in Ivory Coast, despite limited production
VAALCO Energy continues to operate the Baobab field by renovating its floating platform, despite modest production. This strategy aims to maintain stable profitability at low cost.
Empty reservoir explodes at Lukoil-Perm facility: no casualties reported
An empty reservoir exploded at a Lukoil-Perm oil facility in Russia, causing no injuries according to initial assessments pointing to a chemical reaction with oxygen as the cause of the accident.
British Lindsey refinery resumes deliveries after rescue deal
The British Lindsey refinery has resumed fuel deliveries after reaching a temporary agreement to continue operations, while the future of this strategic site remains under insolvency proceedings.
BP and Shell sign strategic agreements to revive Libya’s oil industry
BP and Shell intensify their commitments in Libya with new agreements aimed at revitalizing major oil field production, amid persistent instability but rising output in recent months.
Ecuador: Partial Resumption of Oil Transport After Major Climatic Disruptions
The private OCP pipeline has resumed operations in Ecuador following an interruption caused by heavy rains, while the main SOTE pipeline remains shut down, continuing to impact oil exports from the South American country.
McDermott awarded major offshore contract by BRAVA Energia in Brazil
McDermott secures contract worth up to $50 million with BRAVA Energia to install subsea equipment on the Papa-Terra and Atlanta oil fields off the Brazilian coast.
Saudi Aramco Sharply Raises Crude Prices for Asia in August
Saudi Aramco increases its oil prices for Asia beyond initial expectations, reflecting strategic adjustments related to OPEC+ production and regional geopolitical uncertainties, with potential implications for Asian markets.
Liberian-Flagged Bulk Carrier Attacked in Red Sea, Israel Strikes Back in Yemen
A bulk carrier operated by a Greek company sailing under a Liberian flag suffered a coordinated attack involving small arms and explosive drones, prompting an Israeli military response against Yemen's Houthis.
Canada Awaits Private Sector Decision on Alberta-Pacific Pipeline
The Canadian government is now awaiting a concrete private-sector proposal to develop a new oil pipeline connecting Alberta to the Pacific coast, following recent legislation intended to expedite energy projects.
Petrobras Considers Strategic Sale of Polo Bahia Oil Hub
Petrobras is exploring various strategies for its Polo Bahia oil hub, including potentially selling it, as current profitability is challenged by oil prices around $65 per barrel.
Azevedo & Travassos acquires Petro-Victory to strengthen its Brazilian onshore portfolio
Brazilian producer Azevedo & Travassos will issue new shares to buy Petro-Victory and its forty-nine concessions, consolidating its onshore presence while taking on net debt of about USD39.5mn.
OPEC+ Significantly Raises Oil Quotas with Additional 548,000 Barrels
Major oil producers accelerate their return to the market, raising their August quotas more sharply than initially expected, prompting questions about future market balances.
UK’s Lindsey refinery faces shutdown within three weeks, according to Wood Mackenzie
Lindsey refinery could halt operations within three weeks due to limited crude oil reserves, according to a recent analysis by energy consultancy Wood Mackenzie, highlighting an immediate slowdown in production.
Libya reopens the Hamada-Zawiya pipeline after six-week shutdown
The flow of crude between the Hamada field and the Zawiya refinery has resumed after emergency repairs, illustrating the mounting pressure on Libya’s ageing pipeline network that threatens the stability of domestic supply.
Gabon reactivates deep offshore blocks to stem oil decline
Libreville is intensifying the promotion of deep-water blocks, still seventy-two % unexplored, to offset the two hundred thousand barrels-per-day production drop recorded last year, according to GlobalData.
Afreximbank raises to $375 mn the reserve-based credit for Oando
The African Export-Import Bank extends the Nigerian oil company’s facility, providing room to accelerate drilling and modernisation by 2029 as international lenders scale back hydrocarbon exposure.
Petronas Launches Strategic Drilling Campaign Offshore Suriname
Petronas begins a three-well exploratory drilling campaign offshore Suriname, deploying a Noble rig after securing an environmental permit and closely collaborating with state-owned company Staatsolie.

LEGAL

FOSSILS

POLICY

RENEWABLE

PLUS

© XMARKET PUBLISHING