Italian ENI has signed its first 25-year long production-sharing contract with the Mexican Comisión Nacional de Hidrocarburos (CNH) for oil and gas production in three fields in the Bay of Campeche offshore Mexico, Oil and Gas Mexico reported.

In line with a winning bid for the development of the Amoca, Tecoalli, and Miztón fields in an international auction in September 2015, ENI will also conduct exploratory activities such as a seismic analysis worth $221m, expected to last for two years, the report added.

According to CNH, the fields contain reserves of 800m barrels of oil and 480bcf of gas.

Meanwhile, Walter Oil & Gas Corp. has announced a completion of the Coelacanth field platform in the Ewing Bank area in the Gulf of Mexico, which is expected to produce 30,000b/d of oil and 60MMcf/d of gas, Pennenergy informed.

In addition, Mexico’s government will tender 25 onshore oil and gas fields in mid-December requiring winning companies to bid at least between 1 % – 10 % of pre-tax profits at the auction, Reuters wrote citing an official statement.

Mexico’s oil revenues have marked a drop of 38 % on year in the January – October period, according to the Mexican Finance Secretariat quoted by Latino Fox News, while the oil production fell by 7.6 %.