An international consortium led by a Chevron subsidiary has signed an exploration contract with Mexico’s National Hydrocarbons Commission for Block 3 in the deepwater Gulf of Mexico.

The consortium, which also includes partners PEMEX and INPEX, was awarded the block on Dec. 5, 2016, during Mexico’s 1.4 bid round. The block is located in the Perdido Fold Belt, approximately 45 miles (117 km) offshore Mexico in water depths ranging between 1,640 to 5,575 ft (500 to 1,700 m).

“The execution of this contract represents an important milestone in our ongoing, strategic partnership with Pemex, INPEX and Mexico,” said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production. “We look forward to exploring this prospective area together and strengthening our presence in Mexico for the long term.”

The signing ceremony in Mexico City was attended by Clay Neff, Chevron Africa and Latin America incoming president; Jose Antonio Gonzalez Anaya, PEMEX CEO; Shuhei Miyamoto, Managing Executive Officer of INPEX; and other government officials.

The consortium will now begin the initial, multi-year exploration phase, which will focus on analyzing existing seismic data.

Source: Offshore Mag -