The regulator of Mexico endorsed the plans of LUKOIL hydrocarbon production in the country

© RIA Novosti / Evgeny to Betemporary in fotomonster of LUKOIL. Archival photo<img src="/wp-content/uploads/sites/5/2018/11/33fa1baee69a8541bd4f3b1894eb9ec9.jpg" alt="The regulator of Mexico endorsed the plans of LUKOIL hydrocarbon production in the country” />© RIA Novosti / Evgeny to Betemporary the image Bank

The national hydrocarbons Commission of Mexico approved a plan for Russia’s LUKOIL to drill in 2019 on one of the blocks of hydrocarbons in the country, reported RIA Novosti a source in the regulator.

The plan envisages commencement of drilling on the well Otomi-Oeste in autumn 2019 and investment in the project in the amount of about $ 70 million next year.

In early November, LUKOIL and the Italian company Eni signed an agreement on the exchange of shares in blocks of 10, 12 and 14 in the shallow shelf of Mexico. «LUKOIL» assigns the Eni 40% in block 12, while remaining the operator of the project with a share of 60%, and Eni, in turn, cedes to LUKOIL 20% in the Block 10 and 20% in Unit 14, while remaining the operator of the projects. The transaction must be approved by the regulator of Mexico.

The block 12 is in the pool Sureste de Cuencas in the shallow part of the Gulf of Mexico, the license was received «LUKOIL» in 2017 for the first phase of the second licensing round in Mexico.

The activity of «LUKOIL» began in Mexico in July 2015, when the company entered into a project development unit «Amatitlán» on the shelf near the Mexican state of Veracruz. Its reserves are estimated at 4.2 billion barrels of oil and 3.33 trillion cubic feet of gas.

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