Repsol and its joint venture partner Harbour Energy are advancing the development of the Polok and Chinwol oil discoveries in offshore Block 29, Mexico, which will utilize a floating production, storage and offloading vessel.

FPSO Procurement and Development Status

The partnership completed front-end engineering and design for the required FPSO in 2025. While BW Offshore initially performed this work, Repsol subsequently launched a competitive tender. At least three FPSO companies responded, and Repsol has a preferred contractor in mind—not BW Offshore—with negotiations ongoing to finalize contract details. The development plan is based on redeploying and upgrading the existing FPSO, OSX-1, which has a production capacity of 60,000 barrels per day and over 900,000 barrels of storage. Repsol's previous exclusivity agreement to purchase the OSX-1 lapsed, and negotiations for a new purchase option are ongoing.

Project Scope and Partnerships

Other key contractors include McDermott, handling FEED for subsea umbilicals, risers, and flowlines, and Doris, which completed subsea concept select work. Repsol's chief executive has indicated the project could achieve gross production of 60,000 barrels per day with a development capital expenditure of approximately $500-$600 million. Repsol holds a 65% operating interest in Block 29, having acquired stakes from PTTEP and Petronas, with Harbour Energy as its sole partner holding the remaining 35%.

Location

Block 29 is situated in the Gulf of Mexico's Salina basin, about 88 kilometers off the coast of Tabasco state.