PTTEP announces oil discovery off Mexico
PTT Exploration and Production Pcl (PTTEP) and its joint venture partners made two deep-water oil discoveries in the Block 29 concession off Mexico, with good-quality reservoirs, according to a statement by the company released on Tuesday (May 5).
Commercial potential of the new discoveries will be assessed in the next phase.
Phongsthorn Thavisin, PTTEP’s president and CEO, revealed that PTTEP Mexico E&P Limited, S de RL de CV, a wholly-owned subsidiary of PTTEP, together with its consortium announced successful discoveries by two exploration wells in Block 29, located in the Salina Basin, offshore Mexico.
The first exploration well, “Polok-1”, was drilled to a depth of 2,620 metres and encountered approximately 200 metres of net oil pay. The second exploration well, “Chinwol-1”, drilled down to a depth of 1,850 metres and encountered net oil pay of approximately 150 metres.
Both exploration wells show high potential, said the company. Together with its joint venture partners, PTTEP will now work to obtain approval from Mexican regulators, preparing an appraisal as well as further development plans.
The Polok-1 and Chinwol-1 wells are located at depths of 583 metres and 464 metres, respectively, and lie about 88 kilometres off the Mexican coastline of Tabasco.
The joint venture partners in the project consist of PTTEP Mexico E&P Limited, S de RL de CV with 16.67 percent interest, Repsol Exploración México, SA de CV (Operator) with 30 percent interest, PC Carigali Mexico Operations, SA de CV (the Mexican subsidiary of Petrona) with 28.33 percent interest, and Wintershall Dea with 25 percent interest.
PTTEP began investing in Mexico in 2018, following the company’s move to expand investment in petroleum prolific areas. PTTEP currently holds two exploration blocks in offshore Mexico, Block 29 and Block 12, where it is also carrying out exploration activities.
