PTTEP, Partners Hit Oil Pay Offshore Mexico
Thailand-based PTTEP and its partners made two successful deepwater oil discoveries in the Salina Basin offshore Mexico in Block 29. Commercial potential of the new discovery will be assessed in the next phase, according to the company.
The first exploration well, Polok-1, was drilled to 2,620 meters and encountered about 200 meters of net oil pay, followed by the second exploration well, Chinwol-1, which was drilled to 1,850 meters and encountered 150 meters of net oil pay. The Polok-1 and Chinwol-1 wells are in water depths of 583 meters and 464 meters, respectively. The two wells are approximately 88 kilometers from the Mexican coastline of Tabasco.
The joint venture partners are PTTEP Mexico E&P Ltd., S. de R.L. de C.V. with 16.67% interest, Repsol Exploración México, S.A. de C.V. (operator) with 30% interest, PC Carigali Mexico Operations, S.A. de C.V. (the Mexican subsidiary of Petronas) with 28.33% interest, and Wintershall Dea with 25% interest. Together with its partners, PTTEP will work on acquiring approval from Mexican regulators and preparing development plans.
PTTEP has invested in development in Mexico since 2018. The company currently holds two exploration blocks in offshore Mexico, Block 29 and Block 12.
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