13:28 GMT +321 February 2019
Listen Live
    FILE - In this Nov. 22, 2013 file photo, oil workers set the drill on the Centenario deep-water drilling platform off the coast of Veracruz, Mexico in the Gulf of Mexico

    Mexico Expects Second Oil Field Tender to Have More Success Than First

    © AP Photo / Dario Lopez-Mills
    Latin America
    Get short URL

    Mexico believes that the second tender for developing its oil fields, in which four consortia and 10 companies are expected to participate, will be more successful than the first round, the president commissioner of the country’s National Hydrocarbons Commission told Sputnik and RIA Novosti in an interview.

    MEXICO CITY (Sputnik) – LUKOIL Overseas Netherlands B.V, a subsidiary of Russian energy giant LUKoil, will participate in the tender, which is due to take place on Wednesday.

    "There are several improvements which have been introduced since the first tender, taking into the account that the contracts which have been put up now do not have research risks. We believe that the result will be positive on five contracts on extraction on the coasts of Tabasco and Campeche states," Juan Carlos Zepeda said.

    Only two contracts out of 14 for the extraction of shallow-water raw materials in the Gulf of Mexico were awarded during the last tender process, which took place in July.

    The PEMEX logotype on the tower of the drilling tower of La Muralla IV exploration oil rig, operated by Mexican company Grupo R and working for Mexico's state-owned oil company PEMEX
    © AFP 2018 / OMAR TORRES
    The second tender will also be for shallow-water extraction contracts, but there will be no research risks as the fields are already open.

    In December, Mexico approved the first international tender for exploration and production contacts in 80 years, after oil prices fell.

    Crude prices slumped in 2014 due to the oversupply in the global market. The Organization of Petroleum Exporting Countries decided to maintain oil production levels despite the price drop.

    Mexico also plans to announce tenders for shale hydrocarbon fields before the end of the year, according to the president commissioner.

    "This is a part of the first round of tenders, the fifth phase of tenders — for untraditional hydrocarbon resources. It is included in the tender calendar and scheduled before the end of the year," Zepeda said.

    In October, a tender will be opened for deep-water and extra heavy crude oil fields, Zepeda said, adding that the shale hydrocarbon tender will follow that.

    Zepeda estimated the total volume of hydrocarbons resources offered for tender at approximately 4.47 billion barrels of oil according to the 2P (proved and probable) qualification and 11.25 billion barrels of potential oil equivalent reserves.


    US Nets $23Mln From Gulf of Mexico Oil, Gas Lease Sale
    Russia's Rosneft Mulls Development of Cuban Oil Fields
    Shell to Stop Oil Exploration Near Alaska Due to Poor Results, High Costs
    Oil Dependency No More: Iran Goes for Taxation, Resists Oil Curse
    Iran Plans to Increase Oil Export by 500,000 Barrels Per Day by December
    Oil, oil field, Mexico's National Hydrocarbons Commission, Lukoil, Juan Carlos Zepeda, Mexico
    Community standardsDiscussion
    Comment via FacebookComment via Sputnik