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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.
- North America > Mexico > Mexico City > Mexico City (0.25)
- North America > Mexico > Gulf of Mexico (0.17)
- Government > Regional Government > North America Government > Mexico Government (1.00)
- Energy > Oil & Gas > Upstream (1.00)
- North America > Mexico > Veracruz > Sureste Basin > Salina Basin (0.99)
- North America > Mexico > Tabasco > Sureste Basin > Salina Basin (0.99)
- North America > Mexico > Gulf of Mexico > West Gulf Coast Tertiary Basin > Perdido Basin > Block AE-0093 > Trión Field (0.99)
- North America > Mexico > Gulf of Mexico > Sureste Basin > Salina Basin (0.99)
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.
- North America > Mexico > Mexico City > Mexico City (0.25)
- North America > Mexico > Gulf of Mexico (0.17)
- Government > Regional Government > North America Government > Mexico Government (1.00)
- Energy > Oil & Gas > Upstream (1.00)
- North America > Mexico > Veracruz > Sureste Basin > Salina Basin (0.99)
- North America > Mexico > Tabasco > Sureste Basin > Salina Basin (0.99)
- North America > Mexico > Gulf of Mexico > West Gulf Coast Tertiary Basin > Perdido Basin > Block AE-0093 > Trión Field (0.99)
- North America > Mexico > Gulf of Mexico > Sureste Basin > Salina Basin (0.99)
Mexico’s second deepwater bid round failed to disappoint as 19 of 29 blocks were awarded, including nine to Anglo-Dutch supermajor and Mexican offshore newcomer Shell. Eleven international firms from 10 countries bidding individually and in consortia won blocks—thought to be mostly oil-rich—in the Perdido Fold Belt, Cordilleras Mexicanas basin, and Salina basin of the Gulf of Mexico. Nineteen firms from 15 countries placed 39 bids overall. The winning bids comprised 44,178 sq km, 23 well commitments, and $525 million in tiebreak payments. Mexico’s National Hydrocarbons Commission (CNH) announced the results 31 January in Mexico City. Benjamin Torres-Barron, partner at multinational law firm Baker & McKenzie, which represented four of the companies that participated in the round, said the auction was “very successful” with results “better than everybody expected.” Estimates prior to the event, including those of the government, had approximately 7–10 blocks being awarded. Instead, about two-thirds of all available blocks were awarded, making Round 2.4 “a great success for the Mexican government,” said Eduardo Corzo Ramos, counsel with international corporate law firm Haynes & Boone. “Very important companies participated and in the bid values you can see how interested these companies are in Mexico’s energy sector.” Ramos said he was impressed by the strength of the bids and high-dollar tie-breakers placed by the participating firms. “If you look at the winners, everyone was hitting the maximum [royalty of 20%] with a maximum investment factor.” Competition was particularly fierce for Salina basin Blocks 29 and 21, respectively won by Shell and a consortium led by Repsol with tiebreak bonuses of $110 million and $151 million. Shell’s haul comprised four blocks won on its own, four in a consortium with Qatar Petroleum, and one more in a consortium with Pemex. Five were in the Perdido Fold Belt just south of the Mexico-US maritime border, and four were in the Salina basin to the southeast in the Bay of Campeche. “We saw a vast, overwhelming victory by Shell,” said Torres-Barron. “I think Shell was very aggressive based on its prior experience” in Mexico’s first deepwater auction, Round 1.4 held in December 2016, in which the firm’s participation comprised a single failed bid alongside Atlantic Rim Mexico for Block 5 in the Salina basin. Shell learned that “you cannot have all the eggs in one basket,” and therefore diversified its bids through a number of blocks this time around, he said. Shell concurrently announced on 31 January that it made “one of its largest US Gulf of Mexico exploration finds in the past decade” near Perdido in perhaps a signal that a comeback is under way for offshore exploration and development. Chevron and Total, two other majors who have actively participated in Mexico’s deepwater rounds, also reported a US gulf discovery on 31 January.
- North America > Mexico > Veracruz (1.00)
- North America > Mexico > Gulf of Mexico (1.00)
- Government > Regional Government > North America Government > Mexico Government (1.00)
- Energy > Oil & Gas > Upstream (1.00)
Mexico's second deepwater bid round failed to disappoint as 19 of 29 blocks were awarded, including nine to Anglo-Dutch supermajor and Mexican offshore newcomer Shell. Eleven international firms from 10 countries bidding individually and in consortia won blocks--thought to be mostly oil-rich--in the Perdido Fold Belt, Cordilleras Mexicanas basin, and Salina basin of the Gulf of Mexico. Nineteen firms from 15 countries placed 39 bids overall. The winning bids comprised 44,178 sq km, 23 well commitments, and $525 million in tiebreak payments. Mexico's National Hydrocarbons Commission (CNH) announced the results 31 January in Mexico City.
- North America > Mexico > Gulf of Mexico (1.00)
- North America > Mexico > Veracruz (0.99)
- North America > Mexico > Mexico City > Mexico City (0.25)
- North America > United States > Gulf of Mexico > Western GOM (0.15)
- Government > Regional Government > North America Government > Mexico Government (1.00)
- Energy > Oil & Gas > Upstream (1.00)
- North America > United States > Gulf of Mexico > Western GOM > West Gulf Coast Tertiary Basin > Perdido Basin > Alaminos Canyon > Block 815 > Silvertip Field (0.99)
- North America > Mexico > Gulf of Mexico > Burgos Basin > Maximino-Nobilis Deepwater Block (0.99)
- North America > United States > Gulf of Mexico > Western GOM > West Gulf Coast Tertiary Basin > Perdido Basin > Alaminos Canyon > Block 772 > Whale Discovery (0.98)
- (13 more...)
Mexico's second deepwater bid round failed to disappoint as 19 of 29 blocks were awarded, including nine to Anglo-Dutch supermajor and Mexican offshore newcomer Shell. Eleven firms from 10 countries bidding individually and in consortia won blocks--thought to be mostly oil-rich--in the Perdido Fold Belt, Cordilleras Mexicanas area, and Salina basin of the Gulf of Mexico. The winning bids comprised 44,178 sq km, 23 well commitments, and $525 million in tiebreak payments. Mexico's National Hydrocarbons Commission (CNH) announced the results 31 January in Mexico City. Benjamin Torres-Barron, partner at multinational law firm Baker & McKenzie, which represented four of the companies that participated in the round, said the auction was "very successful" with results "better than everybody expected."
- North America > Mexico > Gulf of Mexico (1.00)
- North America > Mexico > Veracruz (0.80)
- North America > Mexico > Mexico City > Mexico City (0.25)
- North America > United States > Gulf of Mexico > Western GOM (0.15)
- Government > Regional Government > North America Government > Mexico Government (1.00)
- Energy > Oil & Gas > Upstream (1.00)
- North America > United States > Gulf of Mexico > Western GOM > West Gulf Coast Tertiary Basin > Perdido Basin > Alaminos Canyon > Block 815 > Silvertip Field (0.99)
- North America > Mexico > Veracruz > Sureste Basin > Salina Basin (0.99)
- North America > Mexico > Tabasco > Sureste Basin > Salina Basin (0.99)
- (13 more...)