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.
The regulations, which were applauded by environmental groups, sent shares of California-based oil drillers Berry Petroleum Corp. and California Resources Corp. down sharply.
Encana shareholder Letko, Brosseau & Associates Inc. said Nov. 19 it will vote against the oil and gas company's proposed exit from Canada to the U.S.
A multimillion-dollar financing package allows MEI Camp Springs to kick-start its full-scale development program in the Camp Springs area in the Eastern Shelf of the Permian Basin.