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Lukoil, Eni, agree to swap shares in Mexican offshore blocks

November 06, 14:43 UTC+3

Lukoil and Italy’s Eni signed an agreement on mutual purchase of participation interests in Blocks 10, 12 and 14 on the Mexican shelf

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MOSCOW, November 6. /TASS/. Lukoil and Italy’s Eni signed an agreement on mutual purchase of participation interests in Blocks 10, 12 and 14 on the Mexican shelf, the Russian oil producer said on Tuesday.

In accordance with the agreement, Lukoil assigns a 40% stake in Block 12 to Eni and remains a project operator with the stake of 60%. In its turn, Eni will assign 20% in Block 10 and 20% in Block 14 to Lukoil, remaining the project operator. A mandatory condition for completion of deals is to get an approval of the National Hydrocarbons Commission of Mexico.

Blocks 10, 12 and 14 are located in the Sureste Basin in the shallow part of the Gulf of Mexico. Lukoil and Eni obtained licenses for blocks in 2017 according to results of the first phase of the second licensing round in Mexico.

"This agreement makes it possible to expand the portfolio of prospecting projects of Lukoil in the region, diversify risks and build up competences in the exploration area," Lukoil said.

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