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Petronas awarded share of shallow-water block in Gulf of Mexico

Petronas awarded share of shallow-water block in Gulf of Mexico

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A week after one of its subsidiaries cancelled plans for a multibillion-dollar liquefaction plant in British Columbia, Malaysian energy giant Petronas had better news with another subsidiary being awarded a shallow-water block in the Gulf of Mexico.

PC Carigali Operations was the successful subsidiary, earning the rights to explore and develop Block 6 in the Salina Basin. It will operate the block in 50-50 partnership with Colombia’s national oil firm Ecopetrol.

Last year Petronas was among the first foreign beneficiaries of Mexico’s energy reform policy when it was awarded deep-water Block 4 and Block 5 in a joint venture. Mexico is opening up its oil resources to competition after about 70 years of monopoly by the state firm Pemex.

A week ago, Pacific Northwest LNG, in which Petronas holds a majority stake, cited market conditions when it called off its planned $36bn investment in a liquefied natural gas (LNG) export facility plant on Lelu Island in the district of Port Edward, northwest BC.

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Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.

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