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Mayer Brown represented the Russian oil producer, Lukoil, in three farm-out agreements with Italy's Eni for the transfer of participating interests in exploration licenses in Mexico’s shallow waters, including Blocks 10, 12 and 14. The agreements enable Lukoil to expand its exploration portfolio in the region, diversify risks and build up exploration competencies.

According to the agreements, Lukoil will assign 40 percent in Block 12 to Eni, retain the remaining 60 percent stake and remain the operator of the project. In turn, Eni will assign 20 percent in Block 10 and 20 percent in Block 14 to Lukoil, remaining the operator of both projects. The transactions are subject to approval by the National Hydrocarbons Commission of Mexico.

The Mayer Brown team was led by partner Francisco Mendez based in the firm’s Mexico City and Houston offices with assistance from counsel, Betyna Almeida-Covarrubias and associate, Carmen Villagomez, all lawyers from the firm’s Oil and Gas practice in Mexico City.