Mexico’s Ministry of Energy (SENER) has launched the first phase of Round 2 of its multiphase auction to offer production-sharing contracts on 15 exploration and extraction blocks in the shallow waters of the Gulf of Mexico.
Round 2.1, will include 30 production sharing contracts, with a registration deadline set for 15 December, with proposals to be released on 22 March 2017.
The 15 blocks consist of six block off the coast of Veracruz, eight blocks off the coast of Tabasco, and one block off the coast of Campeche, and are a total area of 8908sq km at 10-500 meters water depth, with some 1.586 MMboe of crude oil.
The round will also include four shallow water blocks located in the Tampico-Misantla basin at a total area of 2196 sq km with an estimated 480 MMboe, and one block one block off of Veracruz with a deep gas discovery at at total area of 824 sq km.
The second auction phase is part of the country’s five-year plan for exploration and extraction of hydrocarbons from 2015-2019.
Mexico's regulator known as CNH set minimum capital requirements for potential individual bidders at $1 billion. If the bidder is a consortium, the operator must have $600 million while the financial partners must have $400 million.