Qatar Petroleum is buying stakes in three offshore oil blocks in Mexico from Eni SpA.
As the country continues to expand globally after leaving OPEC, Eni and the government-owned energy company in Qatar, will produce about 90,000 barrels of oil a day from the Amoca, Mizton and Tecoalli fields in the Gulf of Mexico by the end of 2021, Saad Sherida Al Kaabi, Qatar’s energy minister, said. The fields hold 2 billion barrels of oil .
The companies are already working together on a separate offshore block in Mexico. Eni gained approval for the developments earlier this year and needs the Mexican authorities to sign off on the deal.
Qatar Petroleum is now operating in Mexico, Brazil, Argentina, Oman, Congo, South Africa, Cyprus, and Mozambique.
Last week, Qatar Petroleum agreed to acquire a stake in a Mozambique energy project. The company is exploring for oil and gas in Cyprus, Argentina, Morocco, and other countries. It plans to pump US$20 billion in U.S. fields and will expand its local LNG output by 43% to 110 million tons per year in 2025.
Eni has made offshore discoveries from the Americas to Africa and the Mediterranean. The Rome-based company has acquired stakes in natural gas fields in Egypt to BP Plc and Mubadala Investment Co.,and is working with Russia’s Lukoil PJSC in Mexico.
Eni, which this year won rights to develop crude and gas deposits in Abu Dhabi, also wants to partner in LNG expansion projects in Qatar.