Shell Picks Up Nine Blocks in Mexico Offshore Lease Round

Shell Picks Up Nine Blocks in Mexico Offshore Lease Round

Shell Picks Up Nine Blocks in Mexico Offshore Lease Round

"Whale builds on Shell's successful, almost 40-year history in the deep waters of the Gulf of Mexico and is particularly special in that it offers a combination of materiality, scope and proximity to existing infrastructure", said Shell's Marc Gerrits, executive vice president of exploration. The country will also benefit from a 19-percent royalty rate. Shell plans to take its proven techniques from the US portion of the Gulf to the Mexican side.

The company won four blocks as a lone bidder, four more in a consortium with Qatar Petroleum and another in a consortium with Mexico's state-run Pemex. The Dutch oil major also took four blocks in the Salina Basin.

"We're in, we want to explore and we want to find oil and gas", said Faisal Bakar, Carigali's country manager in Mexico.

Mexican officials called the auction a success.

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With the landmark change, President Enrique Pena Nieto cleared the path for auctions in a bid to inject foreign capital into the politically-sensitive state-owned oil industry.

The blocks are together estimated to contain the equivalent of 4.2 billion barrels of oil. Insiders cite the pace of the state-owned oil firm's decision-making processes, its opaque internal accounting and its proposed terms of agreement.

Oil production in the U.S. Gulf of Mexico now accounts for approximately 1.7 million barrels per day - 17% of total U.S. oil production.

"Deep water is an important growth priority as we reshape Shell into a world-class investment case", said Andy Brown, Upstream director for Shell. (40%). It was discovered in the Alaminos Canyon Block 772, adjacent to the Shell-operated Silvertip field and approximately 10-miles from the Shell-operated Perdido platform. "Whale.is particularly special in that it offers a combination of materiality, scope and proximity to existing infrastructure", said Marc Gerrits, executive V.P. of exploration for Royal Dutch Shell.

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