Mexico’s Pemex approves new deep water Gulf joint venture

The board of Mexico’s state-owned oil company Pemex on Thursday approved its second-ever deep water joint venture covering the Nobilis-Maximino block in the country’s territorial Gulf waters.

Pemex, which is looking for a partner to develop the block, estimates it to hold reserves of some 500 million barrels of oil equivalent (boe) based on data gathered from five wells drilled in the past, the company said in a statement.

The potentially-lucrative project lies just south of Mexico’s maritime border with the United States in the Perdido Fold Belt, where dozens of successful projects have been developed on the U.S. side of the same basin in recent decades.

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