Italian oil giant Eni announced Tuesday that it has signed a production sharing agreement with Mexico to develop three oil fields off the shore of the country.
Eni said in a statement that the agreement signed with the Comision Nacional de Hidrocarburos of Mexico (CNH) will provide it to develop Amoca, Mizton and Tecoalli oil fields in the Bay of Campeche, located in eastern Mexico.
The three fields together hold around 800 million barrels of oil, and 480 billion cubic feet (13.44 billion cubic meters) of associated gas, according to the official estimates by CNH, Eni said.
"The fields are in conventional waters at a depth of 20-40 meters close to shore, in a context where Eni possesses proven expertise and where it operates worldwide with high efficiency and low operating costs," the statement read.
Eni said it was awarded the rights to develop the three fields on Sept. 30 after an international tender.
By Ovunc Kutlu
Anadolu Agency
ovunc.kutlu@aa.com.tr