Repsol discovers two deepwater oil fields in Gulf of Mexico

Spanish oil company Repsol announced the important finding of two deepwater oil fields in the Gulf of Mexico.

In a statement, it explained that there were "two important crude oil findings in Mexico’s deepwater in the Polok-1 and Chinwol-1 wells, located in Block 29 of the Salina Basin in the southeastern Gulf of Mexico and in front of the coasts of Veracruz and Tabasco ."

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Those exploration wells “confirm an area of great potential and with excellent characteristics,” for the two reservoirs in Mexican waters are more than 200 and 150 meters deep, respectively

In times when oil prices are low, Repsol said that these findings were performed as part of its works in the area they got in the oil bidding called Ronda 2.4 , which it won less than two years ago.

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“These findings confirm Repsol’s commitment to Mexico and the whole energy chain of value in which it has invested over USD $765 million and has created over 1,800 jobs , both direct and indirect,” it said.

Repsol added that with these two oil fields, they have made “ six oil discoveries in exploration wells all over the world that represent over 650 million barrels of oil equivalent .”

It explained that Mexico’s National Fossil Fuels Commission is yet to evaluate the information provided by the consortium led by Repsol, PC Carigali Mexico Operations , Wintershall DEA, and PTTEP México E&P Limited .

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