A Petronas-led joint venture is analysing the results of the Bacalar-1 offshore exploration well in Mexico.

The Malaysian national oil and gas giant has a 60% operated interest in Block 12, with Indonesia's Medco Energi and Thailand's PTT Exploration and Production on 20% each.

Medco said in its latest exploration update that post-drill analysis was under way as part of the well evaluation process.

Bacalar-1, which is understood to have spudded in August 2021, has so far cost US$52.2 million, added Medco.

Petronas had a one-well contract with US-based offshore rig owner Pacific Drilling to use the drillship Pacific Khamsin for an exploration programme in Mexico starting in the third quarter last year.

The rig - renamed Noble Faye Kozack by its new owner Noble Corporation - is currently working for Murphy Oil in the US Gulf of Mexico.

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