Oil and gas company Deutsche Erdoel AG (DEA) and Pemex have signed the license contract for shallow water Block 2, the company said on Sept. 26.
The license was awarded to the consortium by the National Hydrocarbons Commission in the bid round 2.1 in June 2017. DEA holds a 30% share, with Pemex holding the remaining 70% as operator.
Block 2, based in the Tampico-Misantla Basin, comprises of 549 sq km (211 sq mile) in the south-western part of the Gulf of Mexico. Water depth ranges from 40 m to 260 m. The initial four-year exploration phase includes the drilling of one commitment well.
“We are pleased to now start the joint exploration work together with our partner and operator Pemex in this ambitious project,” Juan Manuel Delgado, President of Deutsche Erdoel AG Mexico, said.
Block 2 is the first license participation for DEA in Mexico. As part of its strategy, the company aims to further build a portfolio in the country.
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