Mexico launches onshore auction

May 12, 2015 12:00 AM

Mexico's national hydrocarbons commission (CNH) has launched the third auction of round one, corresponding to onshore oil and gas reserves.

The onshore fields comprise 26 contractual areas across the states of Chiapas, Nuevo León, Tabasco, Tamaulipas and Veracruz, and the auction is open to both local and foreign firms, according to an announcement in the oficial government gazette.

The bidding rules can be consulted in English here. The winners will be announced in November.

The purpose of the auction, made possible by the country's energy reform, is to increase the country's oil and gas production and obtain revenues to contribute to Mexico's development, according to the gazette.

The country's oil and gas reserves will remain property of the state and private firms will be able to enter into production and profit-sharing contracts with state oil firm Pemex.

Mexico has already launched two auctions for shallow water oil and gas extraction contracts, the first of which closed in March.

A total of 42 firms have paid to access the CNH's data room for the first auction, and 22 for the second. The winning bidders will be announced on July 15 and September 30 respectively.

In April the energy ministry (Sener) published the technical and geographical specifications relating to onshore, shallow water and extra heavy oil reserves, as well as deepwater fields in the Perdido belt and the southern Gulf of Mexico, and unconventional fields for extraction of shale oil and gas.

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