PTTEP Sells Its Entire Stake in Deepwater Block Offshore Mexico to Repsol
September 20, 2024
Thailand’s state-owned oil and gas company PTT Exploration and Production (PTTEP) has divested its entire interest in Mexico Block 29, located in deep waters of the Salina Basin offshore Mexico, to the operator Repsol, which has increased its working interest in the block to 46.67%.
On September 17, 2024, PTTEP Mexico E&P Limited, a subsidiary of PTTEP, has entered into a Sale and Purchase Agreement (SPA) to sell its entire participation interest of 16.67% in Mexico Block 29 Project to Repsol Exploración México.
According to PTTEP, the divestment is part of its portfolio rationalization efforts in alignment with its latest investment strategy. The value of the SPA was not disclosed.
The Mexico Block 29 project is under exploration phase, and is located off the coast of southern part of Gulf of Mexico, some 88 kilometers from the state of Tabasco.
It covers an area of 3,254 km2. The fields in the block, Polok and Chinwol, were the first deep-water oil discoveries made by operator Repsol and partners in 2020.
With PTTEP’s Stake, Repsol’s operated interest in the Mexico Bloc 29 increased from 30% to 46.67%, with the remaining partners PC Carigali Mexico Operations, the Mexican subsidiary of Petronas, holding 28.33%, and Harbour Energy 25%, through the recently acquired Wintershall Dea’s asset portfolio.
