Mexico’s independent oil regulator on June 11 approved deepwater exploration plans for five areas operated by Royal Dutch Shell Plc in Mexican waters near the U.S. maritime border.
UPDATE - Shell To Invest Up To $2.4 Billion In Mexican Deepwater Oil Projects
The plans commit the Anglo-Dutch oil major to invest at least $397 million over the next four years, but if the drilling proves successful it could grow to some $1.3 billion, according to the regulator, known as the National Hydrocarbons Commission (CNH).
Shell won exploration and production rights to nine deepwater blocks in the Gulf of Mexico at an auction run by the CNH early last year.
Drilling plans for the remaining four deepwater blocks from the company are expected to be presented shortly, CNH Commissioner Sergio Pimentel said, without specifying the date, at a session broadcast online.
Recommended Reading
E&Ps’ Rich Cash Flows Obscuring Critically Needed Capex Investment
2023-09-29 - Analysts said some measures show capex spending might be significantly underfunded and that “critical amounts of investment” are needed.
SM Energy Declares Quarterly Cash Dividend
2023-09-28 - SM Energy Co.’s board of directors approved a quarterly cash dividend of $0.15 per share of common stock outstanding.
Western Midstream Offering Senior Notes for Meritage Acquisition
2023-09-28 - Net proceeds from the offering are expected to be used to fund a portion of the aggregate purchase price for Western Midstream’s pending $885 million acquisition of Meritage Midstream Services II LLC.
Ovintiv Renews Annual Share Buy-Back Program
2023-09-27 - Ovintiv received approval from the Toronto Stock Exchanged to purchase up to 26.7 million common shares, or about 10% of its public float, over a 12-month period.
Sitio Royalties Upsizes Senior Notes Offering to $600 Million
2023-09-27 - Proceeds from the notes offering will be used to pay down existing debt, Sitio Royalties said.