MEXICO CITY—Mexico's oil regulator on June 13 approved exploration plans for four deepwater areas operated by Royal Dutch Shell , after it gave the green light to five others earlier this week, committing the oil major to invest at least $791 million.
RELATED: Shell To Invest At Least $397 Million In Mexican Deepwater Oil Projects
The plans stipulate that Shell could invest up to $1.06 billion in the four blocks, mostly dedicated to drilling at least six new wells.
One of the blocks is in the Perdido Fold Basin, which straddles the U.S.-Mexico maritime border in the Gulf of Mexico, while the other three are further south in the Salina Basin.
On June 11, the regulator, known as the National Hydrocarbons Commission, or CNH, approved Shell exploration plans for five other deepwater areas in the same two basins which included investment commitments of at least $397 million and as much as $1.316 billion.
Taken together, Shell could invest up to $2.4 billion in the nine deepwater areas over the next four years and will drill at least 13 wells in the projects.
The blocks are not expected to begin producing oil and gas until 2026 at the earliest, said CNH Commissioner Sergio Pimentel.
Shell won exploration and production rights to the nine deepwater blocks at an auction run by the CNH in early 2018.
Recommended Reading
Talos Sells More of Mexican Subsidiary to Billionaire Carlos Slim
2024-12-17 - Talos Energy has agreed to sell another 30.1% interest in subsidiary Talos Mexico to entities controlled by billionaire Carlos Slim, whose companies also own at least 24% of Talos Energy’s common stock.
Crescent Upsizes Stock Offering, Offers Debt for Ridgemar Acquisition
2024-12-04 - Crescent Energy is offering 21.5 million shares of its stock and borrowing additional funds to pay for the cash portion of a $905 million acquisition of Ridgemar Energy.
Crescent Energy Bolts On $905MM Central Eagle Ford Acreage
2024-12-03 - Crescent Energy will purchase Eagle Ford assets from Carnelian Energy Capital Management-backed Ridgemar Energy for $905 million, plus WTI-based contingency payments of up to $170 million.
Allete Gets OK From FERC for $6.2B Sale to Canada Pension Plan, GIP
2024-12-20 - Allete Inc. announced its acquisition by the Canada Pension Plan Investment Board and Global Infrastructure Partners in May.
Constellation Energy Nearing $30B Deal for Calpine, Sources Say
2025-01-08 - Constellation Energy is nearing a roughly $30 billion deal to acquire power producer Calpine that could be announced as early as Jan. 13, sources familiar with the matter said.