Italy’s energy giant, Eni, has reported a significant natural gas discovery in the mid-deep waters of the Gulf of Mexico, off the Mexican coast.
The discovery is estimated to contain reserves of 300 to 400 million barrels of oil equivalent, according to Eni. The drilling took place in the Sureste Basin, an area where Eni already has over 1.3 billion barrels of oil equivalent in resources. The company aims to develop this region into a “hub development,” integrating multiple discoveries in the vicinity.
This announcement follows a recent report that Carlos Slim, Mexico’s wealthiest man, is investing $1.2 billion in the Lakach project. This project, led by Mexico’s state energy major Pemex, focuses on developing another offshore gas field.
Mexico has been actively expanding its gas-powered electricity generation. The country is constructing new power plants and increasing its gas resource development to reduce its heavy reliance on imports from the United States, which have been at record levels.
SEE ALSO: Why is nitrogen not a greenhouse gas?
Mexico recently revised its proven oil and gas reserves estimate upwards to 8.383 billion barrels of oil equivalent. Proven reserves, known as P1, represent the best estimate of recoverable resources under current technological and economic conditions. According to data from the National Hydrocarbons Commission, Mexico’s proven crude oil reserves slightly declined to 5.978 billion barrels from 6.155 billion barrels the previous year. However, proven natural gas reserves increased significantly, rising to 12.297 trillion cubic feet from 11.029 trillion cubic feet.
Mexico’s president-elect, Claudia Sheinbaum, has committed to boosting investments in natural gas generation. Her energy plan includes adding 13.7 GW of new power generation capacity to the grid over the next six years, with part of this capacity coming from solar installations. This year, Mexico is set to add 3.3 GW in new capacity from both gas and solar sources.