Chevron to study Mexican oil block, no drilling seen in first four years

1 Dec 2017   Mexico

U.S. oil major Chevron Corp will focus on studying the geology of its block in Mexico’s deepwater Gulf during the first four-year phase of its contract, rather than drilling new wells, a senior executive said on Thursday. The company, which leads a consortium that includes Mexican state oil firm Pemex and Japan’s Inpex, won the rights to deepwater Block 3 at auction late last year. Sponsored The auction was part of a sweeping 2013-14 energy reform that ended Pemex’s decades-long monopoly, as the government sought to reverse a decade of declining oil and gas production. “Block 3 is very complicated and we want to use these first few years to better understand the geology,” said Evelyn Vilchez, Chevron’s top executive for exploration and […]

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