Chevron-led consortium inks exploration deal for Mexico deepwater block

An international consortium led by Chevron has signed an exploration contract with Mexico’s National Hydrocarbons Commission (CNH) for Block 3 in the deepwater Gulf of Mexico.

The consortium consisting of Chevron’s subsidiary Chevron Energía de Mexico, S de R.L. de C.V as operator and Pemex Exploración y Producción and Inpex Corporation, was awarded the block on December 5, 2016, during Mexico’s 1.4 bid round.

The country offered ten blocks in total located in the Perdido area and the Salina basin eight of which were awarded to six bidders consisting of 12 different companies.

The block acquisition by Chevron was the company’s debut into Mexico’s offshore oil and gas business. This applies to other international companies involved, as before the bidding round, Mexican oil and gas sector had been closed for foreign investments.

The block is located in the Perdido Fold Belt, approximately 45 miles (117 kilometers) offshore Mexico in water depths ranging from 1,640 to 5,575 feet (500 to 1,700 meters).

Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production, said: “The execution of this contract represents an important milestone in our ongoing, strategic partnership with Pemex, Inpex, and Mexico. We look forward to exploring this prospective area together and strengthening our presence in Mexico for the long term.”

The company said on Tuesday that the signing ceremony in Mexico City was attended by Clay Neff, Chevron Africa and Latin America incoming president, Jose Antonio Gonzalez Anaya, Pemex CEO, Shuhei Miyamoto, Managing Executive Officer of Inpex, and other high-level government officials.

The consortium will now begin the initial, multi-year exploration phase, which will focus on analyzing existing seismic data.

Chevron is the operator and holds a 33.3334 percent interest in the block while Pemex and Inpex each hold 33.3333 percent interest.

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