Italy's ENI SpA (ENI.MI) has upgraded its hydrocarbons-in-place estimate for the Area 1 offshore exploration block in Mexico's Campeche Bay following a successful drilling campaign, the company said Tuesday.
The company said it now believes Area 1--which comprises the Amoca and Mizton fields--holds about 2 billion barrels of oil equivalent compared with an earlier estimate of 1.4 billion barrels. Oil accounts for about 90% of Area 1's hydrocarbons, with gas making up the remaining 10%, ENI said.
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ENI said it would shortly submit its development plan for the area to Mexico's national hydrocarbon authority, the CNH.
The company plans to give a final investment decision once it receives regulatory approval, and expects to start production in the first half of 2019, it said.
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(END) Dow Jones Newswires
December 12, 2017 07:40 ET (12:40 GMT)