Gulf Oil and Gas accountACCOUNT

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

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

Share |
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.

Exploration News in Mexico >>

Egypt >>  7/18/2018 - United States oil and gas producer Apache Corporation signed a $9 billion deal with Egypt's Ministry of Petroleum to explore and produce oil and gas i...
United Kingdom >>  7/16/2018 - Andalas Energy and Power Plc, the AIM listed upstream oil and gas and energy company has provided an update following the completion of its acquisitio...

Indonesia >>  7/12/2018 - Premier Oil has provided an update on recent operational activities and guidance in respect of its half year financials to 30 June 2018. ...
United States >>  7/12/2018 - In support of President Donald J. Trump's America-First Offshore Energy Strategy, Deputy Secretary of the Interior David Bernhardt announced that the ...

Ireland >>  7/11/2018 - Providence Resources P.l.c., the Irish based Oil & Gas Exploration Company, provides an update on Frontier Exploration Licence (“FEL”) 6/14 that conta...
Niger >>  7/11/2018 - Savannah Petroleum PLC, the British independent oil and gas company focused around oil and gas activities in Niger and Nigeria, is pleased to announce...

Related Categories: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  Food Supplies  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Skilled Labors  Transportation, 4X4 Trucks  Unskilled Labors  Utility Systems  Waste Disposal  Water Supply Services  Welding Products/Services 

Related Articles: Camp Building  Cleaning Equipment, Services  Communication  Corrosion Products/Services  Development  Exploration  General  Labor Services  Land & Leasing  Mine Clearance  Oil & Gas Companies  Production  Service Companies  Transportation, 4X4 Trucks  Utility Systems  Water Supply Services  Welding Products/Services 


Mexico Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 |

More News

 

Oil & Gas Companies in Mexico >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.