Repsol has launched the process for securing a new floating production, storage and offloading vessel to anchor its planned offshore oil development in Mexico’s Block 29, where the deep-water Polok discovery and a smaller find called Chinwol are located.

Floater market sources said the Spanish energy company intends to place a leased FPSO on Block 29 in water depths of between 460 and 600 metres, and later tie in an adjacent area, referred to as Block X.