PJSC "LUKOIL" and Eni signed Farm-Out Agreement on Blocks 10, 12 and 14 in the Mexico's shallow waters. The Agreement enables to expand LUKOIL's exploration portfolio in the region, diversify risks and build up exploration competencies.​

According to the Agreement, LUKOIL assigns 40% in Block 12 to Eni, retains the remaining 60% stake and remains the operator of the project. In its turn, Eni assigns 20% in Block 10 and 20% in Block 14 to LUKOIL, and remains the operator of both projects. The deal is subject to the approval by the National Hydrocarbons Commission of Mexico.

Blocks 10, 12 and 14 are located in the promising Sureste Basin in the shallow waters of the Gulf of Mexico. LUKOIL and Eni were awarded the licenses for the blocks in 2017 in the result of the licensing Round 2.1.

In March 2018, LUKOIL and Eni were awarded rights to Block 28 in the Sureste Basin as the outcome of the licensing Round 3.1. LUKOIL received a 25% stake, whereas Eni was awarded 75% and became the operator of the project.

About LUKOIL

PJSC “LUKOIL” is one of the largest publicly traded, vertically integrated oil and gas companies in the world in terms of proved hydrocarbon reserves and production; and the second largest producer of crude oil in Russia. Established in 1991, the Company currently operates in more than 30 countries with core upstream assets located in Russia. The full production cycle includes oil and gas exploration, production and refining; production of petrochemicals and lubricants; power generation; marketing and distribution providing LUKOIL with maximum synergies from its activities. The Company’s shares are listed in Russia on Moscow Exchange under the ticker “LKOH” and depositary receipts are listed on the London Stock Exchange under the ticker “LKOD”.

About ENI

Eni is an integrated energy company employing more than 34.000 people in 69 countries in the world. Eni engages in oil and natural gas exploration, field development and production, as well as in the supply, trading and shipping of natural gas, LNG, electricity and fuels. Through refineries and chemical plants, Eni processes crude oil and other oil-based feedstock to produce fuels, lubricants and chemical products that are supplied to wholesalers or through retail networks or distributors.