Mexico To Auction 14 Contracts For Onshore Oil Exploration In July
MEXICO CITY, Nov 14 (Reuters) - Mexico will auction 14 contracts for licenses to explore and extract hydrocarbons from onshore areas as part of the third phase of its Round Two oil tender, the national oil regulator CNH said on Monday.
The blocks to be tendered include 25 fields and areas in the gas-rich Burgos basin, Tampico-Misantla, the Southeast basins and in the state of Veracruz, the CNH said.
The contracts will be awarded in July 2017.
Of the blocks, the five areas for exploration and production to be offered in the Southeast basins are expected to contain light crude and gas, the remaining fields offered could contain rich gas, lean gas, crude or condensates, according to the CNH.
Hoping to reverse slumping crude output, Mexico ended the decades-long monopoly of national oil company Pemex in 2013, opening the door to more private capital in the sector.
A sharp fall in crude prices over the past couple years, however, has made that harder.
CNH Commissioner Hector Acosta said that one of the auction blocks is in a cross-border area and the contract winner would have to negotiate an agreement with Pemex, which is obligated to have at least a 20-percent stake in such fields.
He also said the Tampico-Misantla block could potentially impact conservation areas, but Mexico's Energy Ministry has not yet divulged any measures to avoid harming the protected zones.
(Reporting by Adriana Barrera; Writing by Natalie Schachar and Christine Murray; Editing by Sandra Maler)
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Weatherford CEO's Rebound Plan Relies On Getting Smaller
- Iran Says Oil Market Is Too Tight For US Zero Exports Target
- China's Squeezed 'Teapots' Eye Petchem Path To Riches
- Baker Hughes: US Drillers Add Oil Rigs For Second Week In Three
- Venezuela Hands China More Oil Presence, But No Mention Of New Funds
- Brand Finance Ranks Most Valuable, Strongest Oil and Gas Brands
- Canacol Makes New Gas Discovery in Colombia's Magdalena Basin
- Egypt Plans to Meet Summer Fuel Needs with LNG Imports
- FortisBC Denies Gas Greenwashing as Suit Awaits
- Credit Agricole Helps NGP Secure Funds for Fishery-Solar Projects in Taiwan
- Oil and Gas Executives Predict WTI Oil Price
- Industry Protests Proposed Methane Fee Guidelines for O&G Facilities in US
- Exxon, Cnooc Merge Guyana Arbitration Claims Against Chevron
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Oil Demand Outpaces Expectations, Testing Calculus on Peak Crude
- House Passes Protecting American Energy Production Act
- TotalEnergies Restarts Production in Denmark's Biggest Gas Field
- Republican Lawmakers Say IEA Has Abandoned Energy Security Mission
- USA Oil and Gas Job Figures Jump
- Blockchain Demands Attention in Oil and Gas
- Macquarie Sees USA Oil Production Exiting 2024 at 14MM Barrels Per Day
- Houthis Warn Saudi Arabia of Retaliation If It Backs USA Attacks
- Summer Pump Prices Set to Hit $4 a Gallon Just as Americans Hit the Road
- New China Climate Chief Says Fossil Fuels Must Keep a Role
- Chinese Mega Company Makes Major Oilfield Discovery
- VIDEO: Missile Attack Kills Crew Transiting Gulf of Aden
- Norway Regulator Blasts Proposal to Halt New Oil and Gas Permits
- Chinese Mega Company Makes Another Major Oilfield Discovery
- What Is the Biggest Risk to Offshore Oil and Gas Personnel in 2024?
- Vessel Sinks in Red Sea After Missile Strike
- Exxon Rights in Stabroek Do Not Apply to Hess Merger with Chevron: Hess
- Equinor Makes Discovery in North Sea
- Analysts Reveal Latest Oil Price Outlook Following OPEC+ Cut Extension