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March 28, 2018, 10:23 a.m. EDT

Eni, Lukoil get Mexican rights to explore, produce

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By Marc Bisbal

ENI SpA (ENI.MI) said Wednesday that, together with its Russian partner Lukoil PJSC (LKOH.MZ), it has been awarded oil-and-gas exploration and production rights to Block 28, offshore Mexico.

Financial details of the contract, which is subject to regulatory approval, weren't disclosed.

ENI, with a 75% stake in the joint venture, will be the operator of the license. Lukoil's interest is the remaining 25%.

The license will allow ENI to benefit from operational synergies in the country, the company said.

Block 28 is located in the waters of the Cuenca Salina Basin, where ENI holds a 100% stake in Arena 1 and is also the operator of four other exploration and production blocks.

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