Mexico Awards Its First Deepwater Blocks; What Comes Next?
Mexico’s long awaited deepwater auction saw 8 out of 10 blocks awarded but there remains plenty of work to be done before activity ramps up, including finalizing regulatory rules, upgrading ports, and optimizing the bid rules for future auctions.
Three Offshore Blocks Awarded in Mexico’s Second Auction
Mexico’s second oil and gas lease auction has been deemed a success after three out of five shallow-water blocks were awarded in September. The awarded areas contain an estimated 236 million bbl of oil and 190 Bcf of gas.
Major Oil and Gas Discoveries Offshore Mexico
In June, Mexico’s national oil company Pemex announced its largest discoveries of oil and gas in 5 years. Located in the shallow-water basin of the Gulf of Mexico offshore Tabasco and Campeche, the four new fields are estimated to hold 350 million bbl of oil.
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