MEXICO CITY: Energy companies Chevron and Repsol decided to quit offshore oil and gas exploration areas in Mexico, the regulator for the sector said o...
Officials at Mexico’s hydrocarbon commission says Chevron sought and was granted approval to return a deepwater block off the coast of Tabasco state because the US company considered there to be ‘no favourable prospects for the block’. – ReuterspicEnergy companies Chevron and Repsol decided to quit offshore oil and gas exploration areas in Mexico, the regulator for the sector said on Thursday , joining more than a dozen other companies after disappointing results.
Officials at Mexico’s hydrocarbon commission said Chevron sought and was granted approval to return a deepwater block off the coast of Tabasco state because the US company considered there to be “no favourable prospects for the block”.It was not immediately clear why though officials highlighted that the Spanish company had never carried out significant physical activities.
Chevron confirmed the decision in a statement but said it would maintain an office in Mexico and continue to monitor industry developments in the country. Repsol said it would keep a deepwater block, its last, for now.