PTTEP Unveils New Oil Find Off Mexico

PTTEP and its joint venture partners made two successful deep-water oil discoveries in Block 29, offshore Mexico, with good quality reservoirs. Commercial potential of the new discovery will be assessed in the next phase.  

Mr. Phongsthorn Thavisin, President and Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP) disclosed that PTTEP Mexico E&P Limited, S. de R.L. de C.V., a wholly-owned subsidiary of PTTEP, together with its consortium announced successful discoveries with two exploration wells in Block 29 located in the Salina Basin, offshore Mexico. The first exploration well, “Polok-1”, was drilled to a depth of 2,620 meters and encountered approximately 200 meters of net oil pay, followed by the second exploration well, “Chinwol-1”, which was drilled to a depth of 1,850 meters and encountered net oil pay approximately 150 meters. Both exploration wells show promising high potential. 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 Polok-1 and Chinwol-1 wells are located in water depths of 583 meters and 464 meters, respectively. The two wells are around 88 kilometers from the Mexican coastline of Tabasco. The joint venture partners of this project are comprised of PTTEP Mexico E&P Limited, S. de R.L. de C.V. with 16.67% interest, Repsol Exploración México, S.A. de C.V. (Operator) with 30% interest, PC Carigali Mexico Operations, S.A. de C.V. which is the Mexican subsidiary of PETRONAS with 28.33% interest, and Wintershall Dea with 25% interest.   

PTTEP invested in the Mexico since 2018, following the company’s strategic move to expand its investment in petroleum prolific areas. PTTEP currently holds two exploration blocks in Offshore Mexico; Block 29 and Block 12 where it has also carried out exploration activities.