LUKOIL discovered 250 million barrel field in Block 12 on the Mexican shelf

Moscow, November 24 - Neftegaz.RU. 4 years ago, LUKOIL Upstream Mexico obtained the right for exploration & production of hydrocarbons at Block 12 in the Gulf of Mexico.
The Block has an area of 521 sq.km.

On November 23, ​LUKOIL announced discovery of an oil field within the Yoti West structure at Block 12 offshore Mexico.
The field was discovered after drilling the 1^st exploration well.
According to preliminary estimates, the initial oil in place reaches 250 million barrels.

The Yoti West-1 EXP well was drilled 60 km offshore from the Valaris 8505 semi-submersible platform.
The well penetrated a sand reservoir in Upper Miocene sediments with high permeability and effective oil-saturated thickness of about 25 m.
An assessment plan for the Yoti West field is planned to be developed based ​on drilling results.

LUKOIL considers Mexico a strategic region for the development of its international upstream operations.
In November 2018, LUKOIL and Italian Eni signed Farm-Out Agreement on the blocks 10, 12 and 14 in the Mexico's shallow waters.
According to the Agreement, LUKOIL assigns 40% in Block 12 to Eni, retains the remaining 60% stake and remains the operator of the project.

2 successful exploration wells were previously drilled at Block 10 offshore Mexico where LUKOIL owns 20% and Eni is the operator.
The resource base of the Block is currently being assessed based on drilling results.

Author: Elena Alifirova