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New licences secured by Cairn Energy

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Oilfield Technology,

Cairn Energy (Cairn) has secured interests in two licenses in a Mexico offshore bid round. The licenses (one operated and one non-operated, covering approximately 1100 km2) are located in the Gulf of Mexico in the shallow water Sureste basin in water depths of 100 – 500 m and approximately 50 km offshore.

The following licenses have been awarded to Cairn:

  • Block 7: ENI (45% operator), Cairn (30%), Citla (25%).
  • Block 9: Cairn (65% operator), Citla (35%).

Several attractive prospects in a variety of play types have been identified within this proven hydrocarbon province, which has recently opened to international oil companies. The Mexican Gulf region is significantly under-explored compared to the nearby analogous US Gulf of Mexico.

The licenses were secured by Capricorn Energy Limited a wholly owned subsidiary of Cairn Energy PLC with the Production Sharing Contracts scheduled to be signed later this year with the Government of Mexico. The contract awards are subject to the final approval of the authorities. Cairn anticipates exploration drilling to commence in the 2019 - 2020 period on both blocks.

Cairn Energy CEO, Simon Thomson, said: "We are delighted with these awards which we believe provide an exciting opportunity to build a strategic portfolio over time in this highly prolific yet under-explored region.”

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Upstream news Mexico upstream news Offshore news