International Frontier Resources Corporation (IFR) has registered and been granted access to the National Hydrocarbons Commission (CNH) data room for the third tender of Mexico's oil and gas bidding round. IFR is in the process of analyzing and assessing block data, and completing prequalification documentation in anticipation of entering the bidding process this fall. Licenses are to be awarded in late 2015.
Twenty six onshore fields are available nationwide which include five in the southern state of Chiapas, eight in the northern state of Nuevol Leon, five in Tabasco in the south, two in Tamaulipas in the north and six in the eastern state of Veracruz.
Mexico's historic energy reform announced in 2014 has established a new legal framework for Mexico's energy industry and is expected to attract billions of dollars in foreign investment. Mexico is the ninth largest producer of oil in the world and the eleventh largest in terms of net exports. It is the third largest oil producer in the Western Hemisphere behind the United States and Canada. Mexico has the eighteenth largest oil reserves in the world, and fourth largest in the Western Hemisphere behind Venezuela, Canada, and the United States. The national oil company, Pemex, has reported historical finding development and production costs of less than US$25 per barrel, which places Mexico in the top quartile worldwide.
