ENI Mexico Area 1

escveritas
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ENI Mexico Area 1

Unread post by escveritas » Sat Jun 01, 2019 4:25 am

Eni has been present in Mexico since 2015. Eni is operator of the offshore Area 1 (Eni’s interest 100%) over a undeveloped acreage of 1,657 square kilometers kilometers (1,146 square kilometers net to Eni) where development activities progress in the Amoca, Miztón and Tecoalli discoveries, located in the shallow waters of the Gulf of Mexico, regulated by PSA.

In June 2017, Eni was awarded the operatorship of the Block 10 (Eni’s interest 100%), the Block 14 (Eni’s interest 60%) and the Block 7 (Eni’s interest 45%) located in the Sureste basin. Furthermore, in February 2018, Eni was awarded a 65% interest and the operatorship of the Block 24. The new blocks are closed to Area 1 block and, in the case of a successful exploration campaign they will allow significant operational synergies.

In March 2018, Eni was awarded the operatorship of the Block 28 (Eni’s interest 75%), located in Cuenca Salina Basin, in offshore Mexico. The contract award is subject to approval from the Authorities.

Exploration activities yielded positive results in the Area 1 block with the drilling of:

the Amoca-2 and Amoca-3 appraisal oil wells;
the first delineation well of the Miztón oil discovery;
the Tecoalli 2 appraisal oil well.

Exploration successes and the reservoir review of the Amoca and Miztón discoveries resulted in a rise in estimated hydrocarbons in place of the block to 2 billion boe, of which approximately 90% oil. Eni submitted an integrated development plan all of three discoveries located in the Area 1 block to the relevant Authorities. Production start-up is expected in 2019.

escveritas
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Re: ENI Mexico Area 1

Unread post by escveritas » Sat Jun 01, 2019 4:26 am

MODEC Awarded Letter of Intent by Eni Mexico related to FPSO - Chartering, Operation and Maintenance - for Area 1 Project in Mexico Eni

October 11, 2018- MODEC, Inc. (“MODEC”) is pleased to announce that it has received a Letter of Intent (LOI) for supply, charter, and operations of a Floating Production Storage and Offloading (FPSO) vessel from EniMexico S. de R.L. de C.V. (“Eni Mexico”), a wholly owned subsidiary of Eni S.p.A., on October 3, 2018. The firm time charter period is 15 years with five (5) one-year extension options. A purchase option is included.The FPSO will be deployed in the Offshore Area 1 some 10 kilometers off the coast of Mexico at a water depth approximately 32 meters. The field operatorship is 100% owned by Eni Mexico. The Area 1 project is currently in the pre-development phase.MODEC is responsible for the engineering, procurement, construction, mobilization, installation and operation of the FPSO, including topsides processing equipment as well as hull and marine systems. SOFEC, Inc., a MODEC group company, will design and supply the disconnectable tower yoke mooring system of the FPSO. The FPSO will be capable of processing 90,000 barrels of crude oil per day, 75 million cubic feet of gas per day, 120,000 barrels of water injection per day and have a storage capacity of 900,000 barrels of crude oil. The first oil production by the FPSO is planned for 2021.MODEC has an excellent track record of Engineering, Procurement, Construction and Installation (EPCI) as well as charter and operations projects, delivering so far 46 floating production systemsall over the globe including five (5) systems for Gulf of Mexico. “We are extremely honored and proud to have been selected to provide and operate the FPSO for Eni Mexico,” commented Toshiro Miyazaki, President and CEO of MODEC. “This project will continue to allow MODEC to showcase our distinguished capabilities in EPCI, charter and operations of floating production systems. We are committed to carry out this major project by cooperating closely with our client in order to contribute to the advancement of the energy industry in Mexico.”

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Re: ENI Mexico Area 1

Unread post by escveritas » Sat Jun 01, 2019 4:28 am

Modec already purchased the ship to be transformed in FPSO and subsequently deployed in Mexico on behalf of Eni.

According to international brokers, Japan-based operator allegedly took over 157,000 dwt Felicity, built at South Korean Samsung Heavy Industries shipyard in 2009.

The crude oil tanker, flying the Bahamas flag, belonged to Belgian giant Euronav – global oil transport leader listed at Wall Street – already changed hands.

Current owner is Area1 Mexico MV34 Bv, Modec is the operator, while registered owner is the oil field where forthcoming FPSO will be operating: Offshore Area 1, located 10 km offshore the Mexican coast in 32 metres deep sea, fully controlled by Eni Mexico, local branch of the six-legged dogs.

Last October Eni Mexico, signed a LOI with Modec to provide, charter and manage a Floating Production Storage and Offloading unit to be deployed in Mexico.

The 15-year contract, plus 5-year option, will see Modec responsible for the FPSO’s design, supply, construction, handling, installation and operational management, including the topside setting and systems supply.

Sofec, controlled by Modec, will design and provide the mooring system.

Last 15th January Eruonav announced the company listed at New York stock exchange had sealed an accord for tanker Felicity with a global offshore operator, which produced, net of debt refund, 21.1 million dollars cash flow in 1Q 2018.

Once converted into FPSO, the Felicity – currently located in Batu Ampar, Singapore – will record 90,000 bbls crude oil/day and 2.1 million cubic metres gas/day, with 900,000 barrels storage capacity. The launching is scheduled by 202

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Re: ENI Mexico Area 1

Unread post by escveritas » Sat Jun 01, 2019 4:30 am

  • Banchero Costa reported that “little happened on the tanker sector with a (apparently old) sale of the Suezmax “Felicity” around 157,500 dwt 2009 built Sungdong to clients of MODEC for conversion purpose at $42 mln.
  • Japanese floater specialist Modec has awarded Cosco Shipping Heavy Industry a sub-contract to work on the conversion of a floating production, storage and offloading vessel for Italian operator Eni’s $2 billion Amoca-Mizton-Tecoalli project off Mexico.

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