• 4 minutes Oil Price Editorial: Beware Of Saudi Oil Tanker Sabotage Stories
  • 6 minutes UAE says four vessels subjected to 'sabotage' near Fujairah port
  • 9 minutes Why is Strait of Hormuz the World's Most Important Oil Artery
  • 13 minutes Mueller Report Brings Into Focus Obama's Attempted Coup Against Trump
  • 33 mins Magic of Shale: EXPORTS!! Crude Exporters Navigate Gulf Coast Terminal Constraints
  • 33 mins Wonders of Shale- Gas,bringing investments and jobs to the US
  • 3 hours Rural and Conservative: Polish Towns Go 'LGBT free' Ahead Of Bitter European Election Campaign
  • 50 mins IMO2020 To scrub or not to scrub
  • 3 hours Trump bogged down in Mideast quagmire. US spent $Trillions, lost Thousands of lives, and lost goodwill. FOR WHAT? US interests ? WHAT INTEREST ? To get Jared (Frisch School 2.8 GPA) a Mideast win with peace deal ? China greatest threat next 50 years.
  • 8 hours Balancing Act---Sanctions, Venezuela, Trade War and Demand
  • 2 hours Compensation For A Trade War: Argentina’s Financial Crisis Creates An Opportunity For China
  • 1 hour Crude oil?
  • 4 hours Greenpeace Blocks BP HQ
  • 2 hours Shale to be profitable in 2019!!!
  • 10 hours DUG Rockies: Plenty Of Promise, Despite The Politics
  • 34 mins California's Oil Industry Collapses Despite Shale Boom
  • 14 hours Get First Access To The Oilprice App!
  • 2 hours China Downplays Chances For Trade Talks While U.S. Plays ‘Little Tricks’

Mexico Delays Oil Auction, Allows Investors To Assess Recent Finds

Offshore

Mexico’s next offshore oil auction will be held in January next year instead of in December 2017 as initially planned, in order to give bidders more time to assess all new data in view of the recent huge finds in the Mexican part of the Gulf of Mexico, the head of Mexico’s oil regulator told Bloomberg in an interview published on Monday.

Last week, UK-based Premier Oil, along with its partners Talos Energy and the Mexico City-based Sierra Oil & Gas, said that they struck oil in excess of 1 billion barrels in the shallow waters in the southern Gulf of Mexico.

The very same day, Italy’s Eni—which had drilled a successful exploration well in Mexico’s shallow water, discovering much more oil than was anticipated—said that thanks to the results of a new offshore well, the major is raising its estimate of resources in place at Amoca to 1 billion barrels of oil equivalent, “paving the way for the implementation of an accelerated development plan.”

Following these results, Eni will submit an accelerated and phased development plan in 2017 targeting an early production phase with a plateau ranging from 30,000 to 50,000 bopd with the start of operations planned for early 2019, the Italian group said.

“There was already interest to come, explore and work in the Gulf of Mexico before these finds, but now to have discoveries in such a short time, interest of international entrants to have activity in Mexico has renewed,” Juan Carlos Zepeda, head of Mexico’s National Hydrocarbons Commission that oversees the industry, said in an interview with Bloomberg.

Related: Is Wall Street Funding A Shale Failure?

“International and national interest is awakening,” the official noted, adding that Mexico would announce the areas up for grabs at the next auction “in a few days”. 

Oil majors are snatching up offshore blocks in Mexico, with the latest auction exceeding expectations. Mexico is planning to hold four more oil and gas block tenders by November 2018 as part of efforts to ensure the sustainability of its energy industry and make better use of its hydrocarbon reserves.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News