Block 29 of the Salina Basin is currently in the exploration phase and is located off the southern coast of the Gulf of Mexico, approximately 88 kilometers from the state of Tabasco. It has a surface area of 3,254 square kilometers.

Repsol has reached an agreement to acquire from the Thai state-owned company PTTEP its 16.67% stake in Block 29 of the Cuenca Salina, in the southeastern area of the Gulf of Mexico and off the coasts of the states of Veracruz and Tabasco (Mexico), thereby strengthening its presence in the project to 46.67%.

According to PTTEP, which did not specify the amount of the transaction, the closing of this operation is expected by the end of 2024 and noted that this divestment is part of "an effort to rationalize" its portfolio, to align with its recent investment strategy.

Block 29 of the Salina Basin is currently in the exploration phase and is located off the southern coast of the Gulf of Mexico, approximately 88 kilometers from the state of Tabasco. It has a surface area of 3,254 square kilometers.

Repsol is the operator of these wells, with a current stake of 30%, and has Carigali Mexico Operations (28.33%) - the Mexican subsidiary of Petronas -, Harbour Energy (25%) and PTTEP Mexico (16.67%), with whom it has agreed to purchase its stake, as partners.

IMPORTANT DISCOVERIES IN MEXICAN WATERS.

In 2020, the consortium made two important oil discoveries in deep waters of Mexico in the wells called 'Polok-1' and 'Chinwol-1', located in this Block 29.

Also in Mexico, this past summer Repsol and the Italian company Eni made a new oil discovery in the 'Yopaat 1' well, located in deep waters of the Gulf of Mexico.

Repsol thus continues to strengthen its traditional upstream business (exploration and production), but focusing on key countries, such as Mexico, the United States and Brazil.

In fact, this year, in areas such as the United States, the group led by Josu Jon Imaz has increased its stake in the Gulf of Mexico and divested non-strategic assets in Eagle Ford.

In February, the operating company Beacon made the investment decision for the development of Monument in the Walker Ridge area in the Gulf of Mexico. In May, one of the partners, Progress Resources, relinquished its participation (blocks 271 and 272) in favour of the other partners, with Repsol increasing its participation by 8.57% to 28.57%.

In addition, in March, it sold an equity stake in a non-operated ancillary asset in the Eagle Ford; and in April, Equinor and Shell exited Alaminos Canyon (AC) blocks 340, 341, 342, 343 and 386 from the Bobcat and Lucille projects, leaving the final stake in both projects at 50/50 between Repsol and its partner and operator Llog.

Repsol is considering the possibility of a potential IPO of its Upstream business starting in 2026, where it has the EIG fund as a partner, in the Anglo-Saxon market, presumably in the United States.

In 2022, EIG entered as a minority partner with a 25% stake in this Repsol exploration and production business for approximately US$ 4.8 billion.

The transaction valued the company's exploration and production business at approximately US$19 billion.