auction
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The upstream sector for Mexico’s offshore oil and gas fields continues to diversify after its most recent tender.
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An auction of small discoveries that were passed over by India’s national oil companies is a test of the country’s efforts to boost oil and gas development by encouraging participation from inside and outside this energy-hungry country.
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The deepwater blocks Mexico plans to lease to international operators in December are among the deepest, most remote, and geologically challenging in the world. But the difficulties of developing these areas will start onshore, where adequate and secure port facilities are few and far between.
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Each of the 25 onshore blocks offered to private companies in Mexico’s December auction were awarded, almost all of which went to Mexican companies.
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Mexico’s second oil and gas lease auction has been deemed a success after three out of five shallow-water blocks were awarded in September. The awarded areas contain an estimated 236 million bbl of oil and 190 Bcf of gas.
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