Qatar Petroleum entered into an agreement with Italy’s Eni to acquire a 35% interest in three Mexican offshore oil fields in Campeche Bay.
The agreement sees the company take a stake in the Amoca, Mizton, and Tecoalli fields, subject to approvals by the government of Mexico, while Eni continue to hold a 65% stake.
Saad Sherida Al-Kaabi, president & CEO of Qatar Petroleum, commented: “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.
“Qatar Petroleum is pleased to enhance its fruitful cooperation and partnerships with a major energy player like Eni. We are also excited about participating in this development in Mexico’s Campeche Bay, and with first oil production expected by mid-2019, we look forward to collaborating with Eni to ramp up production to around 90,000 barrels of oil per day by 2021.”
Early production at the fields is scheduled to start by mid-2019, with full field production expected to be achieved in 2021.
Qatar Petroleum entered the Mexican market in January when it won exploration rights in five offshore blocks in the Perdido and Campeche basins in consortium with Shell and Eni.