A Mexican-based oil consortium announced that it has found two new deepwater oil fields in the Gulf of Mexico, said Reuters.

The consortium said in a statement that the find was in the Polok-1 and Chinwol-1 wells, located in Block 29 of the Salina Basin, off the southeastern states Veracruz and Tabasco.

 “Both wells confirm that the area has great potential,” it said in a statement.

They added that the reservoirs in Mexican waters are more than 200 and 150 meters deep, respectively.

The consortium led by Spain’s Repsol. It also includes Germany’s Wintershall DEA and Thailand’s PTTEP.

Repsol has a 30 percent (30%) stake in the consortium while PC Carigali Mexico Operations, a Petronas subsidiary, has twenty percent (28.33%). Wintershall DEA holds another twenty-five percent (25%) and PTTEP Mexico E&P Limited more than 16 percent (16.67%).

The consortium said it would evaluate the data from the two wells to prepare an exploration plan that will better determine the size of the finds to be presented before the end of the year to the regulator, the National Hydrocarbons Commission (CNH).

This happens as Mexican President Andres Manuel Lopez Obrador pursued a more nationalist energy agenda that limits the participation of the private sector, said Reuters.

This puts an end to energy market liberalization put in place by his predecessor.

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