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Mexico's CNH Signs Contracts with the Winning Bidders of Round 2.4

Source: www.gulfoilandgas.com 5/7/2018, Location: South America

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The National Hydrocarbons Commission (CNH) signed 19 Contracts of the Fourth Tender of Round Two, International Public Tender CNH-R02-L04 / 2017, under the modality of License for the Exploration and Extraction of Hydrocarbons in deep waters of three oil provinces of the Gulf of Mexico.

Six contracts were signed for areas located in the province of Perpendido Folded Belt, 4 in Cordilleras Mexicanas and 9 in Cuenca Salina, which were awarded to 11 companies grouped into 11 bidders in the act of opening proposals made on January 31, 2018.

The contracts will have a duration of 35 years with two possible extensions: the first, up to 10 years; and the second, up to five years. The 19 Contractual Areas have a total area of ??44 thousand 178 square kilometers and prospective resources for 2 thousand 798 million barrels of oil equivalent. In case of exploratory success, the total expected investment could amount to 92.8 billion dollars over the lifetime of the same.

With the signing of these 19 contracts, Round Two concludes, in which 50 contracts were awarded from 68 contractual areas put to tender. As of today, within a maximum period of 180 days, the Contractors must submit to the National Hydrocarbons Commission, for approval, the Exploration Plan for each Contract Area.

The Commissioner President of the CNH, Mtro. Juan Carlos Zepeda, highlighted that the eight bidding processes of the 122 contractual areas tendered by the CNH during Round One and Two were carried out with transparency standards above the best international practices.

On behalf of the Mexican Association of Hydrocarbons (AMEXHI), Mr. Alberto De la Fuente Pineirua, underlined four principles for the future of the hydrocarbon sector in the country: 1) Proof of the rules and processes; 2) Competition to benefit consumers; 3) Transparency for the good administration of the interests of the nation; and 4) Knowledge economy, as an essential principle to conquer the future.

For his part, the Secretary of Energy, Pedro Joaquin Coldwell, said that this tender alone, could attract 58% percent of total investments estimated to date, in contracts for the exploration and extraction of hydrocarbons. The activity engaged in this bidding process will double the total of exploratory wells in deep water drilled in the last three years in national waters.

Joaqu?n Coldwell stressed that these tenders are the clearest and most transparent award mechanisms in the history of the Mexican public administration. To date, nine contests and three farmouts were concluded, where 107 contracts were awarded, none of these processes has been contested.

The cash payments offered as a tiebreaker in seven blocks of 2.4, which entered the Mexican Petroleum Fund for Stabilization and Development exceeded 525 million dollars, close to 10 billion pesos.

The Commissioner President of the CNH, Mtro. Juan Carlos Zepeda Molina, signed the contracts with the legal representatives of the winning bidders.

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