The Spanish oil companies Repsol and Eni discover a large oil field in Mexico

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Repsol has made an important oil discovery in Mexico. The company, in alliance with the Italian Eni, has made a new discovery in the Yopaat-1 EXP well in Block 9, approximately 63 kilometers from the coast in medium deep waters of the Salina Basin in the Southeast Basin, offshore Mexico that points to a potential of between 300 and 400 million barrels of oil and gas equivalent.

The well has been drilled to a depth of 525 meters and has reached a total depth of 2,931 meters, finding some 200 net meters of hydrocarbon-bearing sands in the Pliocene and Miocene sequences, subject to an intense subsurface data acquisition campaign.

This result, together with the discoveries in Blocks 7 and 10 operated by Eni, confirms the value of Eni’s asset portfolio in the Southeast Basin. The global estimate of in situ resources currently exceeds 1,300 million barrels of oil equivalent (Bboe), which allows Eni to advance with studies towards a potential future “Hub” development, including discoveries and other prospects present in the area, in synergy with the infrastructure located nearby.

Repsol has interests in two blocks in Mexico, a country in which it has carried out a successful exploration campaign with three discoveries in four years.

In 2020, the company already made two important crude oil discoveries in deep waters of Mexico with its Polok-1 and Chinwol-1 exploration wells in Block 29 of the Salina Basin. Both wells confirmed high quality reservoirs with excellent properties.

Repsol’s strategy is clear: the upstream business must be prepared to go public in 2026 or 2027. To achieve this, the company wants to focus its efforts on focusing on its main growth areas: the United States, Mexico, Brazil and Libya.

According to Repsol’s forecasts, the exploration and production business will remain stable between 600-630 kboepd until 2030 and will begin a natural decline towards the end of the decade due to reduced demand. The oil company’s maximum production would thus remain at 709 kboepd in 2019.

Source.- El Economista

Veracruz Daily Post