March 21, 2018 / 12:36 AM / a year ago

BP to drill first deepwater oil well in Mexican block in 2020

The logo of BP is seen at a petrol station in Kloten, Switzerland October 3, 2017. REUTERS/Arnd Wiegmann

MEXICO CITY (Reuters) - British oil major BP will drill its first deepwater exploration well at a block it operates in the southern Gulf of Mexico during the third quarter of 2020, according to a plan approved Tuesday by Mexican oil regulator CNH.

The four-year exploration plan for the block located in the Gulf’s Salina Basin is also expected to lead to an investment of $199.5 million and add up to 75 million barrels of oil equivalent in reserves, according to the CNH.

Norway’s Statoil and France’s Total are equity partners in the BP-led consortium, which won the development rights to the block in Mexico’s first-ever deepwater oil auction in late 2016.

Reporting by David Alire Garcia

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