Chevron, Inpex and Petróleos Mexicanos (Pemex) have signed a contract with Mexico’s National Hydrocarbons Commission (CNH) for exploration and extraction of hydrocarbons in Block 3 North of the Plegado Perdido Belt in the Gulf of Mexico.

This block was awarded to this consortium formed by three companies through a competitive bidding process organised by CNH.

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The consortium’s proposal included an additional royalty of 7% and an investment aspect that covers only the exploration studies to identify possible commercial accumulations of hydrocarbons.

Chevron Africa and Latin America exploration and production president Ali Moshiri said: “The execution of this contract represents an important milestone in our ongoing, strategic partnership with Pemex, INPEX and Mexico.

“We look forward to exploring this prospective area together and strengthening our presence in Mexico for the long-term.”

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Block 3 North is located nearly 100km from the shore in the deepwaters of the Gulf of Mexico within depths from 500m to 1,800m, south-west of the Trion block.

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"The block covers an area of approximately 1,687km²."

The block covers an area of approximately 1,687km².

The consortium will now conduct an initial, multi-year exploration study to evaluate existing seismic data.

Chevron holds operatorship of the block with 33.3334% interest. Pemex and Inpex each own 33.3333% stakes in the property.

The consortium is expected to participate in future bidding rounds, as well as collaborate in different international hydrocarbons exploration and production opportunities.

Image: The contract signing event. Photo: courtesy of Pemex.