Mexico to Tender Today Oil Blocks in Deep Gulf Waters

39;Major' Deep Offshore Oil Discovery Made in US Gulf of Mexico
A 'major' oil discovery has been made at the Ballymore prospect located deep offshore in the US Gulf of Mexico

02 February, 2018

Pemex won four blocks, two alone and two in consortium with other companies.

Anglo-Dutch oil major Shell announced Wednesday one of its largest exploration discoveries in the deepwater of the U.S. Gulf of Mexico in the past decade, Kallanish Energy reports. Ahead of the bid round, the government had said it expected only seven of the 29 blocks on offer to be awarded.

Shell focused on blocks in the Salina and Perdido basins, the latter of which is close to US waters where oil companies already operate.

Total says its Ballymore prospect is located deep offshore in the U.S. Gulf of Mexico (Eastern GoM) and that the well was drilled to a final depth of 8,898 meters and encountered 205 meters of net oil pay in a high quality Norphlet reservoir.

"Deep water is an important growth priority as we reshape Shell into a world-class investment case", said Andy Brown, Upstream director for Shell. Ten blocks received no bids.

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For a full list of winners and bidders, see.

"We wanted a presence in both countries", said Alberto de la Fuente, president of Shell Mexico.

Shell's Perdido spar platform is just 10 miles to the southwest of the site, and its Silvertip field is directly adjacent - factors that could make it more economical to develop. Argentina, Uruguay and Ecuador are also auctioning oil and gas fields this year. The results of previous auctions to attract foreign investment were mixed. Any additional lease rounds could prove to be lucrative: industry players estimate that Mexico's potential oil and gas discoveries could total in the range of 20 billion BOE, including both onshore and offshore plays.

"This has been another successful day for the oil sector in Mexico", said deputy hydrocarbons secretary Aldo Flores.

Around 30 companies from 16 countries will participate today in the largest auction of oil blocks made since the implementation of the energy reform in Mexico.

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