MEXICO CITY—Mexico's oil regulator on June 13 approved exploration plans for four deepwater areas operated by Royal Dutch Shell , after it gave the green light to five others earlier this week, committing the oil major to invest at least $791 million.
RELATED: Shell To Invest At Least $397 Million In Mexican Deepwater Oil Projects
The plans stipulate that Shell could invest up to $1.06 billion in the four blocks, mostly dedicated to drilling at least six new wells.
One of the blocks is in the Perdido Fold Basin, which straddles the U.S.-Mexico maritime border in the Gulf of Mexico, while the other three are further south in the Salina Basin.
On June 11, the regulator, known as the National Hydrocarbons Commission, or CNH, approved Shell exploration plans for five other deepwater areas in the same two basins which included investment commitments of at least $397 million and as much as $1.316 billion.
Taken together, Shell could invest up to $2.4 billion in the nine deepwater areas over the next four years and will drill at least 13 wells in the projects.
The blocks are not expected to begin producing oil and gas until 2026 at the earliest, said CNH Commissioner Sergio Pimentel.
Shell won exploration and production rights to the nine deepwater blocks at an auction run by the CNH in early 2018.
Recommended Reading
1PointFive, AT&T Enter Carbon Removal Pact
2024-03-13 - 1PointFive said it is also participating in AT&T’s Connected Climate Initiative to collaborate on carbon removal solutions like direct air capture.
Occidental Reports ‘Great Progress’ on Net-zero Pathway, DAC
2024-02-21 - Most of Occidental Petroleum’s planned $600 million investment in emerging low-carbon ventures for 2024 will go to direct air capture facility STRATOS, CEO Vicki Hollub says.
SLB to Acquire Majority Stake in Aker Carbon Capture
2024-03-31 - SLB and Aker Carbon Capture plan to combine their technology portfolios, expertise and operations platforms to bring carbon capture technologies to market faster and more economically, SLB said in a news release.
Red Trail Energy Issues Carbon Removal Credits
2024-03-06 - Red Trail Energy’s CO2 removal credits is the largest durable carbon removal project registered on the Puro Registry to date.
Trace Carbon Solutions Applies for First Phase of Class VI Wells at Evergreen Hub
2024-03-12 - Trace is applying for its subsidiary Evergreen Sequestration Hub to be allowed to permanently sequester CO2 in underground geological formations in Louisiana.