Mexico onshore auction awards 24 areas
Mexico's onshore auction awarded a total of 24 areas for oil and gas exploration and extraction, the majority of which contain natural gas reserves, and was hailed a success by the country's hydrocarbons commission (CNH).
The auction, the second and third of Round Two, is expected to bring in US$2bn in investment over the next 30 years, and the Mexican state is set to receive an average 75% of the profits generated from the contracts awarded, according to the energy ministry.
The prospective resources relating to the fields awarded are 435Mboe, and six new companies will enter Mexico's oil and gas sector as a result of the auction, the ministry said.
"The bidding processes were aimed at incentivizing the participation of new companies with the aim of consolidating the development of a national, competitive oil industry. The results confirm the interest among firms to invest in Mexico with the aim of strengthening the hydrocarbons sector," according to a ministry statement post-auction.
The auction was divided into two parts, the first of which put 15 areas out to tender, 10 of which were awarded.
In the second tranche, all 14 licensing contracts on offer for areas containing crude oil and gas were awarded.
Areas No. 1-4 are wet gas fields located in the Burgos basin.
Area No. 1 was awarded to a consortium comprising Iberoamericana and PJP4, offering 25% additional royalties on the minimum stipulated figure. Areas No. 2 and 3 were both awarded to Newpek and Verdad Exploration, which offered a 25% additional royalty for the former and 23.5% for the latter area.
The winning bidder for area No. 4 was the consortium comprising Iberoamericana de Hidrocarburos and PJP4, with a 3.91% additional royalty.
Area No. 5, containing crude oil and wet gas and located in the Tampico-Misantla basin, was awarded to Jaguar Exploración y Producción, with additional royalties of 40%, and which also won areas No. 7, 8 and 9, with 40% of additional royalties for No. 7 and 8, and 45% for No. 9, which is a wet gas field located in the Macuspana region of the southeastern basin.
Jaguar Exploración y Producción was also awarded area No.14, a light crude and dry gas field, with additional royalties of 40%.
Areas No. 7 and 8 are light crude and wet gas fields located in Veracruz state.
Area No. 6 was won by a consortium comprising Shandong, Sicoval and Nuevas Soluciones, also offering a 40% additional royalty rate, and which also won areas No. 10 and 11, which are both light crude fields, with a 40% and 45% additional royalty rate respectively.
Areas No. 12 and 13, both of which are light crude field, were awarded to Carso Oil & Gas, with a 45% and 40% additional royalty rate, respectively.
Twenty-eight companies participated in the auction as 19 bidders. The full list of bidders was published by the CNH on July 5.
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