Eni said its Amoca-2 well, the first drilled by an international oil major in Mexico since the 2013 energy reform, hit oil in Campeche Bay’s shallow waters.

The well, which is located in Contractual Area 1, hit 110 m (361 ft) of net oil pay from multiple good quality Pliocene reservoir sandstones, the company said in a news release.

Drilled to a total depth of about 3,500 m (11,483 ft), the well “confirmed the presence of 18 degree API oil in the shallower formations, while the newly discovered deeper sandstones contain high quality light oil,” Eni said. “Reserves are still being assessed, but the well indicates a meaningful upside to the original estimates.”

Eni CEO Claudio Descalzi said the discovery builds on the company’s strong exploration record. The company holds a 100% stake in the Area 1 and is evaluating fast-track phased development options.

“Focusing on conventional exploration with high initial stakes and operatorship, we manage to fast-track exploration activities, monetize exploration successes early and receive competitive development opportunities, therefore maximizing value generation for our shareholders,” Descalzi said.

Eni said it plans to continue drilling a new well, Amoca-3, in the same area before drilling two delineation wells— Miztón-2 and Tecoalli-2—to appraise existing discoveries and target new undrilled pools.

Offshore