PTTEP Sells Its Entire Stake in Deepwater Block Offshore Mexico to Repsol

Friday, September 20, 2024

Thailand’s state-owned oil and gas company PTT Exploration and Production (PTTEP) has divested its entire interest in Mexico Block 29, located in deep waters of the Salina Basin offshore Mexico, to the operator Repsol, which has increased its working interest in the block to 46.67%.

On September 17, 2024, PTTEP Mexico E&P Limited, a subsidiary of PTTEP, has entered into a Sale and Purchase Agreement (SPA) to sell its entire participation interest of 16.67% in Mexico Block 29 Project to Repsol Exploración México.

According to PTTEP, the divestment is part of its portfolio rationalization efforts in alignment with its latest investment strategy. The value of the SPA was not disclosed.

The Mexico Block 29 project is under exploration phase, and is located off the coast of southern part of Gulf of Mexico, some 88 kilometers from the state of Tabasco.

It covers an area of 3,254 km2. The fields in the block, Polok and Chinwol, were the first deep-water oil discoveries made by operator Repsol and partners in 2020.

With PTTEP’s Stake, Repsol’s operated interest in the Mexico Bloc 29 increased from 30% to 46.67%, with the remaining partners PC Carigali Mexico Operations, the Mexican subsidiary of Petronas, holding 28.33%, and Harbour Energy 25%, through the recently acquired Wintershall Dea’s asset portfolio.


Categories: Mergers & Acquisitions Industry News Activity North America Gulf of Mexico Oil and Gas

Related Stories

Woodside Agrees Long-Term LNG Supply with Petronas Unit

Petronas-Eni Upstream Joint Venture to Take Up to Two Years to Set Up

Wood JV Gets EPC Job for Shell off Brunei

Chuditch Gas Field Drilling Ops Get Delayed to Next Year

UK Firm Secures Exploration Extension for Two Blocks off Vietnam

CNOOC Starts Production at Offshore Field in South China Sea

Fugro Lands Deepwater Gas Field Job in Southeast Asia

China's Sinopec Laucnhes $690M Hydrogen Venture Capital Funds

Keyfield Ventures into Indonesia’s Oil and Gas Market with New Partner

INEOS Wraps Up Acquisition of CNOOC’s US Oil and Gas Assets

Current News

Japan Protests China’s New Oil and Gas Construction Activities in East China Sea

CNOOC Signs Hydrocarbons Exploration and Production Deal with Kazakhstan

Thailand's PTT to Buy LNG from Glenfarne's Alaska LNG Project

Woodside and Jera Agree LNG Cargoes Supply for Japan’s Winter Period

Petronas Expands Suriname Portfolio with Deepwater Block Acquisition

Japanese Oil and Gas Firm Enters Two Blocks off Malaysia

Yinson Production, “K” LINE Target Europe's CCS with FSIU and LCO2 Solutions

Woodside Agrees Long-Term LNG Supply with Petronas Unit

MODEC and Terra Drone Renew FPSO Drone Inspection Partnership

Yinson Production Closes $1B Investment to Drive Further Growth

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com