An international consortium operated by Chevron Corporation’s (NYSE:CVX) subsidiary, Chevron Energía de Mexico, S de R.L. de C.V., has signed an exploration contract with Mexico’s National Hydrocarbons Commission (CNH), representing the Mexican government, for Block 3 in the deepwater Gulf of Mexico.

The consortium, which also includes partners Pemex Exploración y Producción and INPEX CORPORATION, was awarded the block on December 5, 2016, during Mexico’s 1.4 bid round.

The block is located in the Perdido Fold Belt, approximately 45 miles (117 kilometers) offshore Mexico in water depths ranging between 1,640 to 5,575 feet (500 to 1,700 meters).

“The execution of this contract represents an important milestone in our ongoing, strategic partnership with Pemex, INPEX and Mexico,” said Ali Moshiri, president of Chevron Africa and Latin America Exploration and Production. “We look forward to exploring this prospective area together and strengthening our presence in Mexico for the long term.”

The signing ceremony in Mexico City was attended by Clay Neff, Chevron Africa and Latin America incoming president, Jose Antonio Gonzalez Anaya, Pemex CEO, Shuhei Miyamoto, Managing Executive Officer of INPEX, and other high-level government officials.

The consortium will now begin the initial, multi-year exploration phase, which will focus on analyzing existing seismic data.

Chevron is the operator and holds a 33.3334 percent interest in the block while Pemex and INPEX each hold a 33.3333 percent interest.

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