Block 4 was awarded to a 50:50 partnership between PC Carigali Mexico Operations, S.A. de C.V. (Petronas Mexico), a unit of Petronas, and Sierra Oil & Gas S. de R.L de C.V. (Sierra).
As for Block 5, it was awarded to a consortium led by Murphy Sur, S. de R.L. de C.V. (30%), with partners Petronas Mexico (23.34%), Ophir Energy (23.33%) and Sierra Offshore Exploration (23.33%).
Petronas Mexico will be the operator of Block 4, an area of about 2,600 sq km in water depths of between 800 metres and 1,600 metres.
The initial exploration period for the block is four years where Petronas Mexico and Sierra will concentrate on seismic data acquisition and processing.
Block 5, which covers an area of about 2,600 sq km in water depths of 700 metres to 1,100 metres, will be operated by Murphy Sur, with an initial exploration period of also four years including a work program commitment of one well.
Petronas vice president of exploration, upstream, Emeliana Rice-Oxley said Petronas’ entry into Mexico’s deep water arena “provides a strategic fit for our business growth, focusing on upstream exploration opportunities and portfolio with potential for long-term value”. - Bernama