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Fieldwood Mexico

Company


Owners:
Lukoil NK - 50%

Content

Owners

History

2022: Lukoil bought 50% of Fieldwood Mexico

At the end of February 2022, Lukoil announced the purchase of 50% of the Block 4 project in the Gulf of Mexico. The transaction was made through the acquisition of Fieldwood Mexico. The remaining 50% of the project remained with the oil and gas company PetroBal (part of the Mexican conglomerate GrupoBAL).

The Block 4 project includes two sections with a total area of ​ ​ 58 square meters. km located on the shelf of the Gulf of Mexico 42 km from the coast, the sea depth in the area of ​ ​ the sections is 30-45 m. Within the sections there are two oil fields - Ichalkil and Pokoch - with recoverable hydrocarbon reserves of 564 million barrels of oil equivalent, more than 80% of which is oil.

Lukoil bought 50% of Fieldwood Mexico =

The deal amounted to $685 million. It includes directly the asset price of $435 million plus the actual expenses incurred from January 1, 2021 until the close of the transaction (about $250 million).

The Block 4 project is implemented on the basis of a product sharing agreement signed in 2016 for a period of 25 years with the possibility of extension for a period of up to 10 years.

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Mexico is for us a strategic region within the framework of the development of international activities in the Apstrime segment. The new project, in which we will be an operator, is characterized by a significant confirmed resource base, significant mining potential and organically complements our existing portfolio of projects in the Gulf of Mexico, "said Lukoil President Vagit Alekperov.
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This is not the first asset of a Russian company in Mexico. Lukoil entered the country in 2015, receiving 75% in the Amatitlan block development project. The operator is Petrolera de Amatitlan SAPI de CV. Companies conduct production as part of a service contract. In addition, the company participates in the development of Blocks 10, 12, 28 located on the shelf. At the first of them (Lukoil owns 20%), two prospecting wells were drilled, the data of which allow you to estimate geological resources of 200 million barrels of oil equivalent.[1]

Notes