Mexico's oil rounds: the story so far
Mexico has launched Round Two of its oil and gas auctions ushered in by the energy reform, with the fourth and final phase of Round One wrapping up in December. Here is a recap of the process so far.
ROUND ONE
Round One got off to a rather shaky start in July 2015 with the first shallow water auction, but which received a less than lukewarm response from bidders, with only two of the 14 blocks up for grabs successfully awarded, and no proposals received for eight of the blocks.
Hydrocarbons commission CNH and energy ministry Sener subsequently published new contract terms for the second shallow water auction held on September 30, after analysts had pointed to the need to rejig the rules.
And it was. Three of the five contracts on offer were awarded in the second shallow water auction. The successful bidders were ENI International, Pan American Energy LLC in conjunction with local company E&P Hidrocarburos y Servicios, and Houston-based Fieldwood Energy in partnership with local firm Petrobal.
The third auction, for onshore fields, was held in December and dominated by local juniors, obeying the CNH's aim to promote the participation of Mexican companies and bolster a domestic, private oil industry. The auction awarded all 25 available fields (17 oil, eight gas) across three geographic areas, including the northern Burgos basin.
Winners included a Mexican consortium comprising Geo Estratos and MX Oil Exploración y Producción, which won four blocks; Canadian firm Renaissance Oil, which was awarded three blocks, and Mexico's Strata Campos Maduros, which was also awarded three. Local firms Compañía Petrolera Perseus and Diavaz Offshore won two blocks apiece.
Consorcio Manufacturero Mexicano and Sarreal were two other local firms that were successful, as were local consortium Grupo R Exploración y Producción-Constructora y Arrendadora México and the group consisting of Canamex Dutch, Perfolat de México and American Oil Tools, which won one block each.
Sener signed the remaining contracts six onshore contracts on Thursday.
The final auction of Round One, for deepwater, is scheduled for December 5. So far, 26 firms have prequalified to participate, the majority of them global majors such as BHP Billiton, BP, Chevron, ExxonMobil, Hess, Shell, Statoil and Total, as well as Mexico's Pemex.
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