BP to drill first deepwater oil well in Mexican block

British oil major BP

will drill its first deepwater exploration well at a block it operates in the southern Gulf of Mexico during the third quarter of 2020 , according to a plan approved Tuesday by Mexico's National Hydrocarbons Information Center ( CNH ).

The four-year exploration plan for the block located in the Gulf’s Salina Basin is also expected to lead to an investment of USD$199.5 million and add up to 75 million barrels of oil equivalent ( boe ) in reserves, according to the Mexican oil regulator.

Norway’s Statoil and France’s Total are equity partners in the BP-led consortium, which won the development rights to the block in Mexico’s first-ever deepwater oil auction in late 2016.

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