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Both Polok-1 and Chinwol-1 were drilled off the coast of Mexico’s Tabasco State, in waters 500- 600 metres deep. They are about 88 km from shore and are only 12 km away from each other. Additionally, they are just 50 km from Zama, a large oilfield in which Wintershall owns a 40% stake.
Equity in Block 29 is split between Rep- sol (Spain), the operator, with 30%; Petronas (Malaysia), with 28.33%; Wintershall, with 25%; and PTTEP (Thailand), with 16.67%.
Juan Manuel Delgado, the managing director of Wintershall’s Mexican operations, described the oil finds and Polok and Chinwol as “a great success.”
He continued: “We have had a strong belief that discoveries like these could be made here.
The Polok and Chinwol discoveries are strong evidence of the oil potential of the Salina Basin. [In] opening a new play there, we are confident [of ] further unlocking additional resources in Block 29 and the wider Wintershall Dea licence portfolio. We are well positioned and looking forward [to] contributing to the development of Mexico’s oil and gas sector.”
Hugo Dijkgraaf, Wintershall’s chief tech- nology officer and an executive board member overseeing global exploration, also struck an optimistic note. “These are breakthrough dis- coveries, confirming the materiality and quality of Wintershall Dea’’s exploration licence portfo- lio in the Sureste Basin,” he said. “They empha- sise Mexico’s importance as one of Wintershall Dea’s key target regions for growth globally.”
US government probes Mexico’s oil-for-food deal with Venezuela
US officials are investigating reports that at least two Mexican companies have been involved in the implementation of an oil-for-food deal signed between the governments of Mexico and Venezuela in 2019.
News of the probe came to light last week, when US Secretary of State Mike Pompeo told journalists that Washington was looking into the activities of the two firms. The State Department and the Treasury Department are conducting the investigation, along with the US Embassy in Mexico, he said.
“We have inquired with the Mexican govern- ment. We are hopeful they will work with us,” he added.
According to Pompeo, these companies have received millions of barrels of Venezuelan oil and fuel then resold them to buyers in Asia since late 2019. In exchange, he said, they have arranged for the delivery of corn and water- tanker trucks to Venezuela.
These transactions may have been violations of US sanctions on Venezuela, he said. The oil- for-food deal was finalised in mid-2019, after Washington imposed additional restrictions on trade with Caracas, he explained.
The secretary did not name the companies targeted in the probe. However, a source inside the US government told the press last week that two of the firms in question were Libre Abordo and an affiliated firm, Schlager Business Group. He described them as shell entities, saying that they appeared to be “surrounded by a veil of shadiness and secrecy.”
The source’s words echoed statements made by Elliot Abrams, the US special envoy for Ven- ezuela, who joined Pompeo on the call with
reporters. Abrams said Washington had already raised concerns about the oil-for-food deal and had reminded the Mexican government that many of the companies handling Venezuelan crude are phantom or fake businesses.
When contacted by journalists, Libre Abordo denied any wrongdoing, saying that it had consulted extensively with legal experts in order to ensure its compliance with the US sanc- tions regime. “We can totally guarantee that the humanitarian aid contract signed with PdVSA [Venezuela’s state-owned oil company] fulfils all requirements to avoid any sanctions by the US government,” the company said in a written statement.
Libre Abordo also emphasised that it had not provided the Venezuelan government with any cash or financing within the framework of the oil-for-food deal. “We are open to verification by authorities,” it declared.
As of press time, PdVSA export schedules were showing that Libre Abordo and Schlager Business Group had taken delivery of 24mn barrels of Venezuelan crude oil and petroleum products. Meanwhile, the Venezuelan company is reported to have received its first shipment of water-tanker trucks at the beginning of May.
PdVSA has swapped crude for food (Photo: File)
Week 18 07•May•2020 w w w . N E W S B A S E . c o m P9
