Page 7 - LatAmOil Week 47 2021

LatAmOil COMMENTARY LatAmOil

Citing sources familiar with the matter, the December 2, 2021 [meeting],” Rystad said.
newspaper said that other members of the group The consultancy anticipates that spot price
are not convinced that a pause is necessary. But premiums are what may be most affected by
Rystad also pointed to heightened expectations additional oil volumes being released onto the
in the market that OPEC+ could move to coun- market.
teract the SPR release. However, it noted that both deferred prices
“The bold move from the oil importers and the price level in the market itself also
has opened the door wide open for OPEC+ to depend on what approach OPEC+ takes at its
adjust its supply policy downwards at its next next meeting. ™

MEXICO
Lukoil finds oil at Yoti West offshore field

RUSSIA’S Lukoil reported earlier this week that the remaining equity is assigned to Eni (Italy),
it had discovered oil at Yoti West, a field within with 40%. According to the terms of their
the Block 12 licence area offshore Mexico. exploration and production licence, Eni and the
In a statement, the privately owned Russian Lukoil subsidiary are obligated to drill one well
company said its subsidiary Lukoil Upstream at Block 12 during the early stage of exploration
Mexico had made the find after drilling the Yoti work.
West-1X exploration well with the Valaris 8505 In a previous statement, Lukoil reported that
semi-submersible rig at a site 60 km from the that work on Yoti West-1X had begun follow-
shore. Preliminary estimates indicate that the ing the conclusion of a drilling project at Block
field may hold 250mn barrels of crude, it noted. 10, another licence area in the southern Gulf of
Lukoil went on to say that it had encountered Mexico.
oil in the Miocene layer of Yoti West-1X. It stated The company and its partners used the same
that the well had penetrated a sand reservoir rig, the Valaris 8505, to spud and complete the
within Upper Miocene sediments and reported Sayulita-1X well at that site. Eni, the operator
that the reservoir had “high permeability and of Block 10, announced the discovery of oil in
effective oil-saturated thickness of about 25 Sayulita-1X earlier this year. ™
metres.”
The Russian firm did not say what its next
move would be at Block 12. It did state, though,
that it intended to use the drilling results from
Yoti West-1X to develop an assessment plan for
the field’s resource base.
Lukoil Upstream Mexico has been work-
ing at Block 12 since 2017, when it acquired an
exploration and production licence for the site
following the Shallow Water Bidding Round 2.1.
The block, which lies more than 50 km from the
shore in waters ranging from 150 to 400 metres
deep, covers an area of about 521 square km. It
lies off the coast of Tabasco State.
The Russian company serves as operator of
the project and has a 60% stake in the block, and Lukoil obtained a licence for Block 17 in 2021 (Image: CNH)

Week 47 25•November•2021 www. NEWSBASE .com P7