BP will begin drilling for oil in a Mexican deepwater offshore block in two years, after its drilling plan was approved by Mexico’s oil and gas regulator, the National Hydrocarbons Commission (CNH). BP operates the block in partnership with Statoil and Total, after the consortium won the rights to develop it in 2016. The block is located in the Salina Basin in the Gulf of Mexico and its development would involve an investment of almost US$200 million, tapping some 75 million barrels of oil equivalent. Mexico has been eagerly seeking foreign investment in its oil industry over the last couple of years as its reserve base began declining, threatening long-term supply. As part of a wide energy sector reform in 2013 that stripped state-owned Pemex of its monopoly position on the local market, the CNH has held several tenders for oil and gas blocks and has more planned for […]