TotalEnergies gets green light to take over stake in Mexico offshore block

Mexico's hydrocarbons regulator CNH has cleared French energy giant TotalEnergies to take control of a 30% stake in block 30, a promising offshore oil prospect.

A major discovery of 200-300Mboe (million barrels of oil equivalent) was made last year at the Kan well in block 30.

Earlier this year, TotalEnergies agreed to acquire Malaysia-based SapuraOMV, the owner of the 30% stake since 2018.

CNH approved the change of ownership in a meeting on Thursday.

The operator of the block and owner of 70%, Harbour Energy, is currently conducting appraisal drilling at Kan.

Block 30 is located in shallow waters off the coast of Tabasco state in Mexico's southeast basin. It is near the large Zama field and Repsol-operated block 29, site of the Polok and Chinwol deepwater discoveries.

Block 30 was heavily contested by international energy companies in Mexico's last bid round in 2018, before further rounds were cancelled by the government.

TotalEnergies in Mexico

TotalEnergies is acquiring SapuraOMV primarily to grow its gas production in Asia and has not disclosed plans for its new asset in Mexico.

The company does not produce any oil and gas in Mexico but holds exploration licenses at two nearby offshore blocks where it is the operator, block 33 and block 15.