PTTEP: Two New Oil Finds Offshore Mexico

Image Credit: PTTEP
Image Credit: PTTEP

Thai energy company PTT Exploration and Production Pcl said on Monday its joint venture had made two deep-water oil discoveries in the Salina Basin, offshore Mexico.

The Mexican subsidiary of PTTEP, Thailand's largest oil and gas producer, and three partners including the Mexican subsidiary of Spain's Repsol SA, will be assessing commercial potential of the new discovery in two exploration wells in Block 29, PTTEP said in a statement.

"Both exploration wells show promising high potential," said PTTEP, the exploration and production arm of Thai state oil and gas firm PTT.

"Together with its joint venture partners, PTTEP will be working on obtaining approval from the Mexican regulators and preparing appraisal as well as further development plans."

The two wells, Polok-1 and Chinwol-1, are around 88 kilometers from the Mexican coastline of Tabasco and have approximately 200 meters and 150 meters of net oil pay respectively, PTTEP said.

The joint venture partners also include the Mexican subsidiary of Malaysia's Petronas and German oil and gas company Wintershall Dea.

PTTEP has invested in Mexico since 2018. It currently holds two offshore exploration blocks there. 

(Reporting by Patpicha Tanakasempipat; editing by Jason Neely)

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