December 9, 2016 – PETRONAS has confirmed that it has been awarded deep water Block 4 and Block 5 in the Gulf of Mexico’s Salina Basin, following Mexico’s first ever auction of its deep water exploration areas.
Block 4 has been awarded to a 50:50 partnership between PC Carigali Mexico Operations, S.A. de C.V. (PETRONAS Mexico), a wholly owned subsidiary of PETRONAS, and Sierra Oil & Gas S. de R.L de C.V. (Sierra).
Block 5, on the other hand, was awarded to a consortium led by Murphy Sur, S. de R.L. de C.V. (30 per cent), with partners PETRONAS Mexico (23.34 per cent), Ophir Energy (23.33 per cent) and Sierra Offshore Exploration (23.33 per cent).
PETRONAS Mexico will be the operator of Block 4, an area of about 2,600 square kilometres in water depths of between 800 metres and 1,600 metres. The initial exploration period for the block is four years where PETRONAS Mexico and Sierra will concentrate on seismic data acquisition and processing.
Block 5, which covers an area of about 2,600 square km in water depths of 700 metres to 1,100 metres, will be operated by Murphy Sur, with an initial exploration period of also four years including a work program commitment of one well.
PETRONAS’ Vice President of Exploration, Upstream, Emeliana Rice-Oxley conveyed appreciation towards Mexico’s authorities for the opportunity to participate in the bid and the tender process.
“PETRONAS’ entry into Mexico’s deep water arena provides a strategic fit for our business growth, focusing on upstream exploration opportunities and portfolio with potential for long-term value,” said Ms Rice-Oxley.
