Repsol reported that it made two deepwater oil discoveries in Mexico.
Both exploratory wells confirm an area of great potential and with excellent properties, finding a net column of oil of more than 200 and 150 meters, respectively.
A fossil fuel company based in Madrid, Spain, Repsol has more than 24,000 employees worldwide. It is vertically integrated and operates in all areas of the oil and gas industry, including exploration and production, refining, distribution and marketing, petrochemicals, power generation and marketing.
Of the discoveries, these are the wells named Polok-1 and Chinwol-1, located in Block 29 of the Salina Basin, in the southeast area of the Gulf of Mexico and off the coasts of the states of Veracruz and Tabasco.
In the last two years, Repsol has invested more than 765 million dollars and has generated more than 1,800 direct and indirect jobs.
Repsol in Mexico
The Polok-1 and Chinwol-1 exploratory wells have been completed in less time than initially anticipated and at a lower cost, with the highest safety standards and under strict sanitary protocols to prevent the spread of Covid19, both on the ground and in the facilities. on the high seas.
The consortium, made up of Repsol (30% and operator), PC Carigali Mexico Operations (28.33%), Wintershall DEA (25%) and PTTEP México E&P Limited (16.67%), will evaluate all the data obtained from the wells to prepare the delineation plan, which will be submitted to the Mexican National Hydrocarbons Commission (CNH), the regulatory body, before the end of the year.
With these findings, the company this year adds six hydrocarbon discoveries in as many wells around the world that represent total resources of more than 650 million barrels of oil equivalent, specifically in Mexico, the United States and Colombia.
The two wells in which oil has been found are located at a distance of 12 kilometers, within Block 29, and approximately 88 kilometers from the Tabasco coast, under a sheet of water of about 600 meters.
The Polok-1 well, which reached a total depth of 2,620 meters, discovered a net column of oil of more than 200 meters. For its part, the Chinwol-1 well, with a total depth of 1,850 meters, found a net column of oil of more than 150 meters.
Repsol recently received CNH approval to carry out the company’s third deep-water exploration well off the coast of Mexico, specifically in Block 10, on the Veracruz coast. For the works, the same ship that has been used in the other two wells, called Maersk Deep Water Valiant, will be used.
Repsol operates a total of six blocks off the coast of Mexico, three of them in deep water and another three in shallow water. The company continues its evaluation works in the rest of the blocks to comply with the exploratory program approved by the CNH.
The company opened its first service stations in Mexico in March 2018, a country in which it currently has 250. It also participates in logistics facilities to store and distribute fuel in Mexico.
Furthermore, Repsol has participated in Dynasol for years, an alliance with the Mexican group KUO, being the tenth largest producer of synthetic rubber in the world. In the lubricants market, it has an alliance with Bardahl and from the Bardahl plant in Toluca it produces and distributes products for all of Latin America.
Repsol and service stations
The Spanish company Repsol opened 95 service stations in its global operations in 2019, to reach 4,944.
In general, during the last year, there were changes in the composition of the company, mainly due to the acquisition of new businesses linked to the energy transition (the renewable electricity generation projects in Spain stand out) and the international expansion of the businesses of Service Stations (Service Stations) in Mexico and Lubricants in Singapore.