Sector News

Mexico to allow Exxon, Chevron to bid on all oil blocks for sale

June 1, 2015
(Bloomberg) – Mexico’s oil regulator said it will allow pre-qualified companies including Exxon Mobil Corp. and Chevron Corp. to bid on all 14 shallow water blocks up for auction after removing restrictions.
Companies pre-qualified to bid to explore for oil in Mexico’s shallow waters will be able to participate in auctions for all available blocks, according to Juan Carlos Zepeda, National Hydrocarbons Commissioner.
Participation was limited to five blocks under prior guidelines. Companies participating in group bidding now also have the option to compete individually, Zepeda said Friday in Mexico City.
The revisions are expected to be the last ones ahead of the country’s first auction of oil blocks to private companies in the Gulf of Mexico in more than seven decades, Zepeda said.
Winners of the oil blocks are expected to be announced July 15, according to the oil regulator, known as CNH.
Mexico’s state-owned oil production monopoly held by Petroleos Mexicanos came to an end last year in an effort to reverse a decade of output declines.
The shallow water block auction is forecast to generate $17 billion in private investment and produce an estimated 80,000 daily crude barrels, according to Mexico’s energy ministry.
Nineteen individual companies and seven groups pre-qualified this week to bid on the blocks.
Source: Energy Voice

comments closed

Related News

August 23, 2019

The higher purpose of being a CEO

Borderless Leadership

LinkedIn Twitter Xing EmailWhen I left my second large company experience to become President of a small manufacturing company I did so driven by ego; I fancied the title. Soon […]

August 23, 2019

As Brexit nears, Britain’s drugs, devices and pricing regulators seek the exit

Life sciences

LinkedIn Twitter Xing EmailFirm details on exactly how the U.K. will regulate new medicines is still to be decided after it leaves the EU later this year (caveats on timing […]

August 23, 2019

The Simply Good Foods Company acquires Quest Nutrition for $1bn

Food & Drink

LinkedIn Twitter Xing EmailThe Simply Good Foods Company, the owner of Atkins-branded food products, has secured a deal to acquire protein snack maker Quest Nutrition for $1 billion. Quest, which […]

How can we help you?

We're easy to reach