Italian oil giant Eni announced on Thursday the discovery of oil at the shallow-water Amoca field in Campeche Bay, allowing the company to hasten its development plans, the company said in a statement.
The new well, Amoca-3, “encountered 10 meters of net oil pay (25 – 27 API°), in several high-quality Pliocene reservoir sandstones,” Eni said. With the discovery, Eni lifted its estimate of resources in place at the Amoca field to 1 billion boe, which will allow the company to accelerate its development plan.
According to the Italian oil giant, the Amoca-3 well has multiple proven oil resources in the Orca and Cinco Presidentes formations. During testing, “the company opened 45m of the Cinco Presidentes reservoir and the well flowed 6,000 BOPD of 25 API°.”
As a result of the successful test, Eni said it “will submit an accelerated, phased development plan in 2017, targeting early production with a plateau ranging from 30,000 to 50,000 BOPD, with the start of operations planned for early 2019.”
Claudio Descalzi, Eni’s CEO, said the discovery legitimized the company’s approach in Mexico. “We are very pleased with the results of our exploration and appraisal campaign in Mexico, which demonstrates the validity of our design to cost exploration approach. The Amoca field represents an optimal opportunity for a phased development approach with a low breakeven. It is an ideal project in this low oil price environment,” he said.
Eni is a 100 percent stakeholder in the Area 1 Production Sharing Agreement.
You can read Eni’s complete press release: here
This latest news comes on the heels of the historic oil discovery on Wednesday announced by the Sierra O&G, Talos Energy and Premier Oil consortium. The group said it had discovered oil in the Zama-1 well after only 52 days.