The Italian company Eni has achieved a new milestone in its journey to discover oil and gas in Mexico with the announcement of a huge oil discovery in the Sureste Basin.

The reserves of the discovery in the Yubat-1 EXP well are estimated at between 300 and 400 million barrels of oil equivalent, making it larger than last year’s discovery in Block 7, which was estimated at 200 million barrels.

This discovery is a qualitative leap in Eni’s portfolio of achievements in the Sureste Basin, bringing its total resources in the Mexico development blocks to 1.3 billion barrels equivalent.

These successive discoveries strengthen Eni’s position as a leader in the field of oil and gas exploration and production in Mexico.

Eni is one of the most prominent foreign players in the oil and gas sector in Mexico, as it owns exploration, prospecting, and production rights in 8 blocks in the Sureste Basin and operates 7 of them as the main foreign operator.
The Yobat-1 well, which was drilled at a water depth of 525 meters, bringing its total depth to 2,931 meters, is owned by Eni and the Spanish company Repsol by 50% each.

The well’s resources varied between crude oil and associated gas, and the discovered hydrocarbons were found in geological layers dating back to the Pliocene and Miocene eras.

This move is a confirmation of Eni’s continued commitment to developing its business in Mexico, as the company plans to establish a future center in the region to take advantage of the surrounding infrastructure.

This discovery comes as Eni continues to develop the Veracruz Block in the Cuenca Salina Basin, where it has obtained approval to drill a deep-water exploratory well called Tlazotli 1, with Eni estimating the potential of this block at 470 million barrels of oil equivalent.

These successive discoveries are conclusive proof of the success of Eni’s strategy in Mexico, paving the way for further achievements soon.