U.S.-based Talos Energy signed a definitive agreement on July 28 with Spain's Repsol to acquire a 50 percent operating interest in Block 29, located in the deep waters of the Gulf of Mexico, as reported by Energía a Debate. The Polok and Chinwol fields, with an estimated recoverable resource of more than 200 million barrels of crude oil equivalent, add a meaningful flow of foreign direct investment to Mexico's energy sector.
Block 29 sits in the Salina Basin, off the coasts of Veracruz and Tabasco, covering 3,250 square kilometers. It was awarded in January 2018 during the fourth tender of Round 2, and the discovery wells Polok-1 and Chinwol-1 were announced in May 2020, with net hydrocarbon columns exceeding 200 and 150 meters, respectively. The area has recorded more than a dozen deepwater discoveries, cementing its status as a high-potential province within the Gulf. In September 2024, Repsol notified the National Hydrocarbons Commission of its intention to relinquish 47 percent of the contractual area, equivalent to approximately 1,540 square kilometers, making Talos's entry a clear signal of continuity for the block.
The agreement includes a contingent payment of $30 million when Talos reaches its final investment decision (FID), coverage of up to $20 million for the next exploratory well, and reimbursement of certain pre-closing costs, according to Global Energy. The transaction requires approvals from the Ministry of Energy and the Federal Economic Competition Commission. Talos indicated that the development plan envisions a floating production, storage and offloading (FPSO) unit, designed to serve as a hub for future projects across the region.
Both partners expect to advance toward the final investment decision during 2027. The project, which brings together U.S. and Spanish capital on Mexican territory, consolidates the Salina Basin as one of the hemisphere's most active offshore exploration poles and opens a new chapter of trinational energy cooperation in the Gulf.
This article was written with the assistance of artificial intelligence from verified sources and reviewed by a human editor before publication.