LUKoil Subsidiary to Take Part in Mexican Oil Tender - Energy Commission

A subsidiary of Russian energy company LUKoil passed a preliminary selection process to bid for Mexican oil field development, Mexico's National Hydrocarbons Commission (CNH) said.

MEXICO CITY (Sputnik) — Last year, CNH approved a 2015 international tender for 14 exploration and production contracts for shallow-water raw materials extraction in the Gulf of Mexico.

LUKoil Overseas Netherlands BV is one of 26 applicants approved to participate in this tender, CNH revealed Monday. As many as 19 companies are competing for drilling rights as individual entities, including the LUKoil subsidiary. The remainder have set up consortia and will be performing in groups.

According to CNH, LUKoil Overseas is undertaking preparations to participate in an additional unspecified Mexican oil tender.

Foreign companies were allowed to take part in the tender following a December 2013 reform in Mexico's energy sector that put an end to state monopoly in the sphere.

As a result, Mexico's state-run oil company Pemex and the Federal Electricity Commission (CFE) were granted permission to make deals with private companies and attract private investment in the development, extraction, transport and storage of oil, gas and electricity.

LUKoil, a Russian-based company, is one of the global leaders in the production and refining of crude oil and gas resources. The world's largest privately owned oil and gas company, measured by proven oil reserves, LUKoil has operations in over 40 countries.