Eni (E), Qatar Petroleum Win Rights To Block 24 In Mexico
Zacks Investment Research | Feb 06, 2018 05:46AM ET
Eni SpA (NYSE:E) expands footprints in Mexico with the latest award of Block 24 in the fourth international competitive bid round, Ronda 2, by the National Hydrocarbon Commission (CNH).
Eni and its partner Qatar Petroleum won the rights to Block 24 in the deep waters of Cuenca Salina Basin in Mexico. Eni, as an operator of the block, owns 65% in joint venture, while Qatar Petroleum has a stake of 35%.
Further, the latest award will help Eni strengthen its position in a new core area with considerable operational synergies in the country.
Eni’s presence in Mexico dates back to 2006. However, the company established its wholly-owned subsidiary Eni Mexico S. de R.L. de C.V. in 2015.
Eni already holds a 100% stake in Area 1 in the Cuenca Salina Basin in Mexico. Moreover, the company has submitted the Development Plan for approval from the local authorities. It also operates three other exploration and production blocks in the same basin — Block 7 (holding 45%), Block 10 (100%) and Block 14 (60%).
Q4 Price Performance
Eni is a leading Italian energy player with strong focus on upstream and midstream businesses. During the fourth quarter, Eni’s shares have underperformed the Zacks Investment Research
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