Lukoil Spuds Well Offshore Mexico

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Russia's Lukoil said on Monday that it has started drilling the first exploration well at Block 12 offshore Mexico. Lukoil said the Yoti West-1 exploration well will be drilled by the Valaris 8505 semisubmersible rig, which was move to Block 12 after successful work at Block 10. Lukoil operates Block 12 and holds a 60% stake, while Italy's Eni holds a 20% stake. Block 10 is operated by Eni, which recently announced a discovery with in-place oil volumes of 150 million-300 million bbl (OD Aug.2'21). Lukoil holds a 20% stake in Block 10. Lukoil views Mexico as a strategic operating area. It recently acquired a 50% operated interest in offshore Area 4, which is scheduled to start production this year (IOD Jul.5'21).

Exploration, Offshore Oil and Gas, Corporate Strategy
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