Qatar Petroleum entered into an agreement with Eni to acquire a 35 percent participating interest in three offshore oil fields in Mexico, the company said on Sunday.
The agreement covers the Amoca, Mizton, and Tecoalli offshore oil fields located in Mexico’s Campeche Bay.
The agreement is subject to customary regulatory approvals from the Mexican government. Following this approval, both Eni and Qatar Petroleum will jointly hold 100 percent interest in these assets.
Full field production is expected in 2021 through a floating production, storage, and offloading facility with a treatment capacity of 90,000 barrels of oil per day.
Two additional platforms will be installed on the Amoca field and the Tecoalli field. The area is estimated to hold 2.1 billion barrels of oil equivalent, 90 percent of which is oil.
Commenting on the agreement, Saad Sherida Al-Kaabi, minister of state for Energy Affairs, and president and CEO of Qatar Petroleum, said that Qatar Petroleum is looking forward to collaborating with Eni to ramp up production to around 90,000 barrels of oil per day by 2021 with first oil production expected by mid-2019.
'We are pleased to sign this agreement, with our valued partner, Eni, to participate in the development and production of oil fields in Mexico. This agreement marks another milestone for Qatar Petroleum as it strengthens its international footprint and expands its presence in Mexico,' he added.
This is Qatar Petroleum's second transaction in Mexico. At the end of January 2018, Qatar Petroleum won exploration rights for five offshore blocks in the Perdido and Campeche basins as part of a consortium comprising Shell and Eni respectively.
By Murat Temizer
Anadolu Agency
energy@aa.com.tr