Mexico’s oil regulator on June 25 approved a $97 million plan for drilling in an offshore area operated by British supermajor BP in the southern Gulf of Mexico.
The four-year exploration plan approved by the national hydrocarbons commission (CNH) covers a 700,000-sq-km shallow-water block, located north of the coast of Tabasco state.
BP won the rights to drill in June 2018 along with its partner French oil major Total.
BP’s contract is one of over 100 awarded since a sweeping energy reform was finalized in 2014, championed by Mexico’s previous government in a bid to reverse years of declining crude production. The current government of President Andres Manuel Lopez Obrador has suspended all future auctions, favoring instead a larger role for national oil company Pemex.
Recommended Reading
The OGInterview: How do Woodside's Growth Projects Fit into its Portfolio?
2024-04-01 - Woodside Energy CEO Meg O'Neill discusses the company's current growth projects across the globe and the impact they will have on the company's future with Hart Energy's Pietro Pitts.
TotalEnergies Starts Production at Akpo West Offshore Nigeria
2024-02-07 - Subsea tieback expected to add 14,000 bbl/d of condensate by mid-year, and up to 4 MMcm/d of gas by 2028.
Vår Energi Hits Oil with Ringhorne North
2024-04-17 - Vår Energi’s North Sea discovery de-risks drilling prospects in the area and could be tied back to Balder area infrastructure.
Equinor Receives Significant Discovery License from C-NLOPB
2024-02-02 - C-NLOPB estimates recoverable reserves from Equinor’s Cambriol discovery at 340 MMbbl.
US Raises Crude Production Growth Forecast for 2024
2024-03-12 - U.S. crude oil production will rise by 260,000 bbl/d to 13.19 MMbbl/d this year, the EIA said in its Short-Term Energy Outlook.