CNH (Comisio Nacional de Hidrocarburos) Mexico’s oil industry regulator on Wednesday approved a deepwater development in the Gulf of Mexico for state oil firm Pemex, according to Reuters.
But the terms include a condition that Pemex team up with a partner company that would be the operator of the project.
Named the Chachiquin area, this new block is located off the Tamaulipas coastline and is adjacent to the Nobilis-Maximino block in the Perdido Fold Belt.
Estimated to be able to produce 80,000 barrels per day at peak production, Chachiquin would probably not begin being developed until 2024.
If Pemex secures a partner it would be only the second deepwater JV since Mexico started opening up its oil sector to private and foreign companies in recent years.