Eni has found more oil than it expected buried in Mexico’s shallow waters, after drilling the first exploration well there by an international firm since Mexico’s energy reforms four years ago.
The Italian oil major’s well, about 745 miles west of the coastal island city Ciudad del Carmen in southwestern Mexico, hit 110 meters of net oil pay, the area a driller targets to extract crude.
The company said late Thursday it’s still studying how much oil is in the reservoir, but it believes the bounty is larger than it originally estimated. It drilled into multiple sandstone reservoirs and also discovered light oil in deeper formations.
Eni said it drilled the well in about 80 feet of water, and more than 2 miles into the earth. It plans to drill three more wells in the region this year.