IPC, Tecpetrol win Burgos Mision

Friday, October 31, 2003

Mexico's state oil company Pemex awarded a consortium of Mexico's IPC (Industrial Perforadora de Campeche) and Argentina's Tecpetrol a US$1.04bn contract Thursday evening for the Mision block of the Burgos natural gas basin, Pemex announced.

The consortium will invest US$44mn in the first three years of the 20-year contract, Tecpetrol announced Friday.

The 1,972 sq. km. block contains 21 separate gas fields in the states of Nuevo Leon and Tamaulipas, and falls under the multiple service contracts (MSC) that Pemex is offering.

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IPC, a subsidiary of Mexican conglomerate Grupo R, holds a 60% interest in the consortium and Tecpetrol, a wholly-owned subsidiary of the Techint Group, owns the balance.

Spain's Repsol YPF won a US$2.44bn MSC for Burgos's Reynosa-Monterrey block, and a consortium of Brazil's federal energy company Petrobras, Japan's Teikoku Oil and Mexico's D&S Petroleum landed the US$260mn contract to develop Cuervito.

Pemex aims to award the Corindon-Pandura block on November 6, followed by Ricos on November 13, and Fronterizo and Olmos, both on November 19. All contracts will be finalized by end-2003.