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Eni (E) to Expand Footprint in Mexico With Block 28 Rights
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Eni SpA (E - Free Report) , along with partner Lukoil, has won rights to Block 28 in the Cuenca Salina Basin, offshore Mexico. The company received the rights to the new block during the first international competitive bid round — Ronda 3 — from the National Hydrocarbons Commission or Comisión Nacional de Hidrocarburos (“CNH”).
Eni, as an operator, has a stake of 75% in the license, while Lukoil holds the remaining 25%. The first international competitive bid round offered blocks located in water depths between 20 and 500 meters.
Eni holds stakes in other licenses in the Cuenca Salina Basin. The company holds a 100% stake in Area 1, where it encountered about 2 billion barrels of hydrocarbon. A Plan of Development (PoD) has already been submitted for the approval of the local authorities relating to development of the discovered resources. Additionally, Eni operates four other exploration and production blocks in the Cuenca Salina Basin — Block 7, Block 10, Block 14 and Block 24 — where the company holds 45%, 100%, 60% and 65%, respectively.
The award of the new license in the Cuenca Salina Basin allows Eni to expand in a new core area with considerable operational synergies in the country.
Eni’s presence in Mexico dates back to 2006 and its wholly-owned subsidiary, Eni Mexico S. de R.L. de C.V., was established in 2015.
About Eni
Eni with its consolidated subsidiaries is engaged in oil and gas, electricity generation, petrochemicals, oilfield services as well as engineering industries. The company’s major business segments are Exploration and Production (E&P), Gas and Power and Refining and Marketing. The company conducts its major exploration and production activities for hydrocarbons.
Price Performance
Eni’s shares have gained 5.1% in the last three months, against the industry’s 5.7% decline.
Zacks Rank & Key Picks
Eni carries a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Continental Resources, Inc , Pioneer Natural Resources Company (PXD - Free Report) and Concho Resources Inc . All three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Continental Resources is an independent oil and natural gas exploration and production company. It delivered an average positive earnings surprise of 64.9% over the last four quarters.
Headquartered at Irving, TX, Pioneer Natural Resources Company is an independent oil and gas exploration and production entity. It pulled off an average beat of 66.92% in the trailing four quarters.
Concho Resources is an independent oil and natural gas company. It delivered a positive surprise of 48.9% during the same time frame.
Can Hackers Put Money INTO Your Portfolio?
Earlier this month, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Image: Bigstock
Eni (E) to Expand Footprint in Mexico With Block 28 Rights
Eni SpA (E - Free Report) , along with partner Lukoil, has won rights to Block 28 in the Cuenca Salina Basin, offshore Mexico. The company received the rights to the new block during the first international competitive bid round — Ronda 3 — from the National Hydrocarbons Commission or Comisión Nacional de Hidrocarburos (“CNH”).
Eni, as an operator, has a stake of 75% in the license, while Lukoil holds the remaining 25%. The first international competitive bid round offered blocks located in water depths between 20 and 500 meters.
Eni holds stakes in other licenses in the Cuenca Salina Basin. The company holds a 100% stake in Area 1, where it encountered about 2 billion barrels of hydrocarbon. A Plan of Development (PoD) has already been submitted for the approval of the local authorities relating to development of the discovered resources. Additionally, Eni operates four other exploration and production blocks in the Cuenca Salina Basin — Block 7, Block 10, Block 14 and Block 24 — where the company holds 45%, 100%, 60% and 65%, respectively.
The award of the new license in the Cuenca Salina Basin allows Eni to expand in a new core area with considerable operational synergies in the country.
Eni’s presence in Mexico dates back to 2006 and its wholly-owned subsidiary, Eni Mexico S. de R.L. de C.V., was established in 2015.
About Eni
Eni with its consolidated subsidiaries is engaged in oil and gas, electricity generation, petrochemicals, oilfield services as well as engineering industries. The company’s major business segments are Exploration and Production (E&P), Gas and Power and Refining and Marketing. The company conducts its major exploration and production activities for hydrocarbons.
Price Performance
Eni’s shares have gained 5.1% in the last three months, against the industry’s 5.7% decline.
Zacks Rank & Key Picks
Eni carries a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Continental Resources, Inc , Pioneer Natural Resources Company (PXD - Free Report) and Concho Resources Inc . All three stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Continental Resources is an independent oil and natural gas exploration and production company. It delivered an average positive earnings surprise of 64.9% over the last four quarters.
Headquartered at Irving, TX, Pioneer Natural Resources Company is an independent oil and gas exploration and production entity. It pulled off an average beat of 66.92% in the trailing four quarters.
Concho Resources is an independent oil and natural gas company. It delivered a positive surprise of 48.9% during the same time frame.
Can Hackers Put Money INTO Your Portfolio?
Earlier this month, credit bureau Equifax announced a massive data breach affecting 2 out of every 3 Americans. The cybersecurity industry is expanding quickly in response to this and similar events. But some stocks are better investments than others.
Zacks has just released Cybersecurity! An Investor’s Guide to help Zacks.com readers make the most of the $170 billion per year investment opportunity created by hackers and other threats. It reveals 4 stocks worth looking into right away.
Download the new report now>>