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Mexico expects US$12bn/y investment in round one

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Mexico's Pemex expects investment for the first round of tenders for private sector firms to partner with the state oil giant to be US$12.6bn annually, according to the energy ministry (Sener).

Round one will comprise 169 oil and gas blocks, 109 of which correspond to projects already in development and 60 to hydrocarbon extraction projects that will be tendered out in stages during 2015, Sener said in a release on Friday.

The investment figure was revealed during a presentation to Mexican business people on the round one process, the type of contracts to be awarded and the technical factors considered in the selection of areas to be tendered.

The areas to be put out to tender during round one are Mexico's remaining reserves after Sener awarded Pemex 83% of 2P (proven and probable) reserves and 67% of the probable reserves it requested in round zeroearlier this year.

The areas awarded to Pemex hold a potential volume of 8Bboe, the extraction of which would require US$6bn in investment by 2018.

Prior to round zero, Pemex had already drilled 32 exploratory wells to determine their reserve potential, and has invested US$5.3bn since 2010, according to the firm's E&P unit PEP.

Round one tenders will be launched between February and May, with the awarding of contracts scheduled for May to September. The tender and contract awarding process will be carried out by Sener, the finance ministry (SHCP), hydrocarbons commission CNH and energy regulator CRE.

Article Credit: Bnamericas

Updated 4 Years ago

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Tags:     Pemex     Mexico     Sener