Thailand's PTTEP says two new oil discoveries offshore Mexico

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Thailand's PTTEP says two new oil discoveries offshore Mexico

 

FILE PHOTO: Reuters

 

BANGKOK (Reuters) - Thai energy company PTT Exploration and Production Pcl said on Monday its joint venture had made two deep-water oil discoveries in the Salina Basin, offshore Mexico.

 

The Mexican subsidiary of PTTEP, Thailand's largest oil and gas producer, and three partners including the Mexican subsidiary of Spain's Repsol SA, will be assessing commercial potential of the new discovery in two exploration wells in Block 29, PTTEP said in a statement.

 

"Both exploration wells show promising high potential," said PTTEP, the exploration and production arm of Thai state oil and gas firm PTT.

 

"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 two wells, Polok-1 and Chinwol-1, are around 88 kilometres from the Mexican coastline of Tabasco and have approximately 200 metres and 150 metres of net oil pay respectively, PTTEP said.

 

The joint venture partners also include the Mexican subsidiary of Malaysia's Petronas and German oil and gas company Wintershall Dea.

 

PTTEP has invested in Mexico since 2018. It currently holds two offshore exploration blocks there.

 

(Reporting by Patpicha Tanakasempipat; editing by Jason Neely)

 

-- © Copyright Reuters 2020-05-05

 

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[Srikcir]

Timing couldn't be worse to find more reserves.

[JetsetBkk]

It's always good to find more oil.

[AgMech Cowboy]

4 hours ago, Srikcir said:

Timing couldn't be worse to find more reserves.

You are wrong on this one. Now is the time to be exploring and finding reserves.  The rigs, service companies and support organizations are extremely cheap at this time. So they find and delineate the 'resource' at an unbelievably low cost.

 

It will take more than 5 years to get these deep water discoveries to a point of production and with the current glut, they can delay that even more. For instance, ExxonMobil made a discovery offshore Guyana in 2015. Delineation followed, and additional discoveries made.  Even though the market was on a downward trend EM began working toward producing the field, which did start production in 2020.

 

It will depend on their concession agreements for the time frame to produce. The important thing now is to delineate the field and define the production field to the Mexican government, which prevents other operators from taking over from them.

[Redline]

17 minutes ago, AgMech Cowboy said:

You are wrong on this one. Now is the time to be exploring and finding reserves.  The rigs, service companies and support organizations are extremely cheap at this time. So they find and delineate the 'resource' at an unbelievably low cost.

 

It will take more than 5 years to get these deep water discoveries to a point of production and with the current glut, they can delay that even more. For instance, ExxonMobil made a discovery offshore Guyana in 2015. Delineation followed, and additional discoveries made.  Even though the market was on a downward trend EM began working toward producing the field, which did start production in 2020.

 

It will depend on their concession agreements for the time frame to produce. The important thing now is to delineate the field and define the production field to the Mexican government, which prevents other operators from taking over from them.

I keep reading about large reserves being found all over the world-the last few years.  I think many have not been tapped yet.  Cars are going electric, and solar is getting quite cheap.  I think the outlook is that there is more than enough oil, considering shifts in demand?

[rakman]

14 hours ago, Redline said:

I keep reading about large reserves being found all over the world-the last few years.  I think many have not been tapped yet.  Cars are going electric, and solar is getting quite cheap.  I think the outlook is that there is more than enough oil, considering shifts in demand?

What powers the electric cars?  You can't charge them at night with solar panels.

Watch "Planet of the Humans" on ytube

[Redline]

On 5/6/2020 at 6:34 AM, rakman said:

What powers the electric cars?  You can't charge them at night with solar panels.

Watch "Planet of the Humans" on ytube

Batteries?  I’ll watch it, but let’s not live in the past.