Total Renounces Rights to Deepwater Block in Mexican Gulf

Mexico’s oil regulator approved on Friday a request by French oil company Total SA to give up its exploration and production rights to a deep water block in the southern Gulf of Mexico that the firm had won at auction in 2016.

The regulator said Total decided to return the block due to the results it had obtained to date, and must pay a fine of $21.2 million for failing to comply with its contract’s minimum exploration work requirements.

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