Mexico Awards Its First Deepwater Blocks; What Comes Next?

Journal of Petroleum Technology 

Mexico's historic public tender for its deepwater real estate resulted in the awarding of eight out of 10 blocks on offer. Held last December in Mexico City, the event marked the fourth and final auction of the country's Round One, which reopened doors to foreign oil and gas investment for the first time since the country's energy sector was nationalized almost 80 years ago. The awarded blocks went to 13 companies whose exploration and production operations are expected to generate around USD 34 billion over the next 15 years. The winning bids also committed to drill at least eight deepwater wells. All four blocks offered in the deep water Perdido area were awarded, including two to Chinese Offshore Oil Corporation (CNOOC) and one to a consortium of Chevron, Pemex, and Inpex--Japan's largest oil company.

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