ENI Wins First of Five Areas in Mexican Oil Auction
September 30 2015 - 1:00PM
Dow Jones News
MEXICO CITY—Italian oil company ENI International won the first
of five areas of oil and gas reserves put out to bid by the Mexican
government in its second oil auction since opening the industry to
private and foreign investment.
ENI International offered the highest of nine bids for the first
area, which includes three shallow water fields in the southern
Gulf of Mexico. ENI offered to pay the Mexican government 83.75% of
the operating profit from the fields, while investing 33% above the
minimum required.
The three fields, containing light crude and gas, have certified
proven reserves of 62.8 million barrels of crude oil equivalent,
and proven and probable reserves of 121.5 million barrels of oil
equivalent, Mexico's National Hydrocarbons Commission said.
Wednesday's auction for the first group of shallow water fields
turned into a bidding war among medium-size foreign oil firms, some
in consortium with upstart Mexican partners, in an early positive
sign for the Mexican government.
In a first auction of exploratory blocks in July, the government
awarded just two of the 14 blocks offered.
Write to Laurence Iliff at laurence.iliff@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
September 30, 2015 12:45 ET (16:45 GMT)
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