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Eni (NYSE:E) said Monday it made a significant oil and gas discovery in the Sureste Basin off the coast of Mexico, which it said could lead to a future production hub in the country.
The discovery in the Block 9 exploration well has a preliminary estimate of 300M-400M boe of oil and associated gas in place, the company said.
Eni’s (E) overall estimate of resources in place currently exceeds 1.3B boe, which the company said allows it to advance studies towards a potential future hub development, including the discoveries and other prospects in the area.
Eni (E) is Block 9 operator with a 50% participating interest, with Spanish peer Repsol (OTCQX:REPYF) (OTCQX:REPYY) holding the remaining 50%.