Pemex receives two bids for natural gas block

Oct 27, 2004 02:00 AM

Mexican state oil monopoly Petroleos Mexicanos, or Pemex, said it received two bids to develop the Pandura-Anahuac natural gas block in north-eastern Mexico.
The block is one of four being offered in a second-round of tenders for long-term multiple service contracts to produce natural gas in the Burgos basin, across the border from southeast Texas.

Pemex said the Pandura-Anahuac block is expected to involve investment of about $ 900 mm. Pemex said one consortium was formed by Mexican companies Perforadora de Campeche and Compania de Desarrollo de Servicios Petroleros, and a second by Cody E. Oil of the US and Mexican concern Naves Industriales de Nuevo Laredo.
The state-company said the amount of the bids will be opened if both technical proposals meet requirements -- and the winner announced that same day.

In the first round, which concluded in January, Pemex awarded contracts for five blocks of gas reserves and drew investment commitments of $ 4.34 bn to produce 425 mm cfpd of gas by 2007. Pemex is hoping that under the multiple service contracts, it will double gas production at Burgos to 2 bn cfpd.
Pemex said bids for the remaining three blocks -- Ricos, Monclova and Pirineo -- are expected in January.

Source: Dow Jones
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