On Aug. 23, Mexico's oil regulator, known as CNH, approved auction terms and contracts for a dozen onshore oil and gas fields to be bid out next year as part of a series of tenders following a landmark energy sector opening.
The second phase of the so-called Round Two tender will feature licenses, CNH said. Winners will be announced on April 7, 2017.
The fields are located in the gas-rich Burgos Basin in the southern state of Chiapas, as well as in the Southeast Basin, which is home to many of Mexico's best-producing shallow-water fields. Seven of the blocks are for exploration and extraction, while five are for exploration.
Hoping to reverse slumping crude output, Mexico ended the decades-long monopoly of national oil company Pemex in 2013, paving the way for private and foreign producers to operate on their own. A sharp fall in crude prices over the past couple years, however, has made that harder.
The 2017 auctions will follow three auctions that began last year covering both shallow-water and onshore blocks. The first highly-anticipated deepwater auction is scheduled to take place in December.
Recommended Reading
NOG Closes Utica Shale, Delaware Basin Acquisitions
2024-02-05 - Northern Oil and Gas’ Utica deal marks the entry of the non-op E&P in the shale play while it’s Delaware Basin acquisition extends its footprint in the Permian.
California Resources Corp., Aera Energy to Combine in $2.1B Merger
2024-02-07 - The announced combination between California Resources and Aera Energy comes one year after Exxon and Shell closed the sale of Aera to a German asset manager for $4 billion.
DXP Enterprises Buys Water Service Company Kappe Associates
2024-02-06 - DXP Enterprise’s purchase of Kappe, a water and wastewater company, adds scale to DXP’s national water management profile.
Pioneer Natural Resources Shareholders Approve $60B Exxon Merger
2024-02-07 - Pioneer Natural Resources shareholders voted at a special meeting to approve a merger with Exxon Mobil, although the deal remains under federal scrutiny.
Parker Wellbore, TDE Partner to ‘Revolutionize’ Well Drilling
2024-03-13 - Parker Wellbore and TDE are offering what they call the industry’s first downhole high power, high bandwidth data highway.