Eni Installs First Foreign Offshore Oil Asset in Mexico

Eni SpA’s E installation of Mizton platform offshore Mexico represents its first foreign offshore oil asset installation in the country.

In March 2019, Sapura Energy’s heavy-lift vessel — Sapura 3500 DP3 —concluded the installation of Eni’s Mizton platform under the Area 1 Production Sharing Contract (PSC).

The platform is expected to be operational in the first half of 2019 and production is anticipated to plateau at 8000 barrels of oil per day (bopd). The yield will be transferred onshore via a 10” multiphase line and processed at an existing Pemex facility.

The company was able to accelerate the project on the availability of suitable topside in Texas.

In August 2018, Mexico’s National Hydrocarbon Commission (Comisión Nacional de Hidrocarburos, CNH) had approved Eni’s plan for discoveries in shallow-water fields — Amoca, Mizton and Tecoalli — off Mexico. These discoveries form part of the single Area 1 development block, in the shallow waters of the Campeche Bay, off the coast of Tabasco state. In 2015, Area 1 was awarded to Eni in a tender Round One. The company is the sole owner and operator with a 100% interest in the field, Production for Area 1 is scheduled to begin in late 2020 and anticipated to reach 90,000 bopd by 2021.

After 75 years of the national oil company’s monopoly, the Mexican Government passed a comprehensive Energy Reform in August 2014.Thisenabled international oil companies to obtain operating licenses during subsequent tender rounds. More than 100 contracts were awarded to foreign as well as Mexico-based companies in bid rounds held between 2015 and 2018.

Zacks Rank & Key Picks

Currently, Eni carries a Zacks Rank #3 (Hold).

Some better-ranked players in the energy space are Antero Resources Corporation AR, CrossAmerica Partners L.P. CAPL and SEACOR Holdings, Inc CKH. While Antero Resources and CrossAmerica Partners sport a Zacks Rank #1 (Strong Buy), SEACOR Holdings carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Antero Resources is an independent explorer, primarily engaged in the acquisition and development of natural gas, natural gas liquids as well as oil resources in the Appalachian Basin. The company’s earnings beat the Zacks Consensus Estimate in two of the last four quarters.

CrossAmerica Partners is involved in the wholesale distribution of motor fuels, comprising gasoline and diesel fuel. The partnership delivered an average positive earnings surprise of 452.2% in the last four quarters.

SEACOR Holdings is a diversified holding company, mainly focused on domestic and international transportation, logistics as well as risk management consultancy. The bottom line for 2019 is expected to inch up 1.7% year over year. The company delivered an average positive earnings surprise of 20.5% in the trailing four quarters.

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