• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 5 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 6 days Does Toyota Know Something That We Don’t?
  • 15 mins America should go after China but it should be done in a wise way.
  • 6 days World could get rid of Putin and Russia but nobody is bold enough
  • 8 days China is using Chinese Names of Cities on their Border with Russia.
  • 9 days Russian Officials Voice Concerns About Chinese-Funded Rail Line
  • 9 days OPINION: Putin’s Genocidal Myth A scholarly treatise on the thousands of years of Ukrainian history. RCW
  • 9 days CHINA Economy IMPLODING - Fastest Price Fall in 14 Years & Stock Market Crashes to 5 Year Low
  • 8 days CHINA Economy Disaster - Employee Shortages, Retirement Age, Birth Rate & Ageing Population
  • 9 days Putin and Xi Bet on the Global South
  • 9 days "(Another) Putin Critic 'Falls' Out Of Window, Dies"
  • 10 days United States LNG Exports Reach Third Place
  • 10 days Biden's $2 trillion Plan for Insfrastructure and Jobs

Shallow-Water Oil Auctions Fall Flat for Mexico

More bad news for Mexico’s state-run Pemex as the live auction for its shallow-water Ayin-Batsil oil play in the Gulf of Mexico failed to attract any offers for partnership.

This morning, Mexico’s Hydrocarbon Commission (CNH) officially declared the Ayin-Batsil abandoned.

Mexico is still hoping to find partners for onshore fields in the coming days. The live auction also offered up the Cardenas-Mora and Ogarrio oilfields, but results have not yet been published.

Ayin-Batsil is believed to contain 359 million barrels of oil equivalent in proven, probable and possible reserves. Between 1988 and 2015, 10 wells have been drilled in the shallow-water block, including eight wildcat wells and two appraisal wells.

(Click to enlarge)

Pemex was looking for a 50:50 partnership for Ayin-Batsil, with the partner taking operatorship. A total of 10 companies had prequalified earlier in September to participate in the three-field auction. Those pre-qualified included Egypt’s Cheiron Holdings Ltd., China National Offshore Oil Corp. (CNOOC), Germany’s DEA Deutsche Erdoel AG, Ecopetrol SA of Colombia, Canada-based explorer Gran Tierra and Ogarrio E&P of Chile.

Three years ago, Mexico opened its energy sector to private investments in a landmark energy reform that ended more than seven decades of monopoly by state-run Pemex. 

(Click to enlarge)

ADVERTISEMENT

Mexico’s offshore auctions have garnered a fair amount of attention after an initial slow start.

Supermajors Exxon, Chevron, and BP are opening or planning to open their first service stations to tap into the Mexican refined products market. Shell is the latest Big Oil player to have entered Mexico’s retail market, pledging US$1 billion in investment over the next 10 years.

By Damir Kaletovic for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage



Leave a comment
  • Naomi on October 04 2017 said:
    Mexico has an unstable corrupt government. PEMEX is as dependable as PDVSA.

Leave a comment

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News