Span-based energy company Repsol has received approval to exit from two oil and gas exploration blocks in the Gulf of Mexico, reported Reuters, citing the Mexican oil regulator.
The approval by Mexico’s oil regulator body (CNH) comes weeks after the Repsol-led consortium formally vacated from three other blocks.
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The two blocks were awarded to Repsol in a tender process in 2018, following the Mexican government’s energy reform at that time.
The reform allowed companies, except state-owned Pemex, to hold contracts for hydrocarbon exploration in the country.
With the latest approval, Repsol will commence the withdrawal process from the two areas, which includes production sharing contracts in the Burgos basin of the Gulf, off the coast of Tamaulipas.
A regulatory source told the news agency that the company failed to find potential prospective resources in the blocks.
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By GlobalDataFollowing the exit from the two exploration blocks, Repsol will have only one exploration and extraction project in Mexico.
Located in the deep waters of the Salina basin, off Veracruz and Tabasco, the project was secured by Repsol as part of a consortium with other partner firms.
Earlier this year, Repsol agreed to sell its exploration and production (E&P) assets in Vietnam and Malaysia to Hibiscus Petroleum.
The sale includes Repsol’s 60% interest in the 2012 Kinabalu Oil production sharing contract (PSC), and a 35% stake in the PM3 commercial arrangement area (CAA) PSC.
