Italy's Eni has successfully drilled and tested the Amoca-3 well in the shallow waters of Campeche Bay, offshore Mexico, finding significant levels of oil that has persuaded Italy's oil major to push for a fast track development of the field.
The oil levels were found in the Orca and Cinco Presidentes Formations according to a press statement. Amoca-3 is located in Contractual Area 1, 200 km west of Ciudad Del Carmen, in the Campeche Bay, at 25 meters of depth, 1,5 km south west of Amoca-1 and 3 km north west of Amoca-2.
The well was drilled at a total depth of 4,330 meters and encountered 410 meters of net oil pay (25 - 27 API°), in several high-quality Pliocene reservoir sandstones, of which 300 meters were found in the deeper sequence of Cinco Presidentes.
With the results of the Amoca-3 well, Eni said it has boosted the resource estimate of the Amoca field to 1 billion barrels of oil equivalent in place and the Area 1 total estimated resource base to 1,3 billion barrels of oil in place, of which 90 per cent is oil, with further upside.
Claudio Descalzi, Eni CEO, commented: "We are very pleased with the results of our exploration and appraisal campaign in Mexico. The Amoca field, which is located at a water depth of only 25 meters, represents an optimal opportunity for a phased development approach with a low breakeven. It is an ideal project in this low oil price environment. Eni’s objective is to become the first international company to establish operating production in Mexico, which would be the first tangible success of the country’s important “Reforma energetica” campaign."
Following these results, Eni said it would submit an accelerated and phased development plan in 2017 targeting an early production phase with a plateau ranging from 30,000 to 50,000 BOPD with the start of operations planned for early 2019.
Eni holds a 100 per cen stake in the Area 1 Production Sharing Agreement. Following the result of the first international bid of Ronda 2, Eni was awarded three new blocks in the shallow waters of the Sureste Basin (Block 7, 10 and 14), all as the Operator.