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    Dutch government invites Shell, Exxon to join $2.6B subsea carbon storage plan

    TechnipFMC awarded $250 million subsea service contract offshore Brazil

    Sinopec creates record by drilling 8,725 meters deep oil, gas field

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    Total-Eni partnership in offshore gas drilling

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    UN Condemns Energy Giants For Ignoring Science of All Things

    Global oil and gas projects pipeline at US$4 trn

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    BP begins gas production at West Nile Delta project

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    Bechtel and Cheniere Deliver LNG Ahead of Schedule on US Gulf Coast

    ABB wins $79m order for Bab onshore project in Abu Dhabi

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    Phillips 66 and Bridger Pipeline LLC Announce Open Season for Rockies and Bakken Crude Oil Pipeline System

    BHP successful in bids for blocks in the offshore Orphan Basin in Eastern Canada

    Operational excellence and safety continue to be a key driver in oil and gas sector

    Gazprom plans to carry forward cost efficient in 2018

    TGS announces new seismic project in the Anadarko basin

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    Falcon Oil & Gas completes successful drilling operations in Australia

    N’GENIUS solution on the horizon for oil, gas and LNG industry

    QatarEnergy, GE to develop carbon capture roadmap

    QatarEnergy, GE to develop carbon capture roadmap

    Equinor Energy

    Transocean secures offshore drilling rig contract from Wintershall and OMV

    offshore contract by Al Yasat Petroleum

    INEOS and partners approved to develop Solsort field offshore Denmark

    TechnipFMC awarded significant subsea contract for Shell’s North Sea development

    Petronas hires Maersk semi-submersible for Suriname exploration

    PETRONAS Announces New Gas Discovery in Central Luconia Province, Offshore Malaysia

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    Funding For Oil And Gas Industry Is Evolving Dramatically

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    Fresh Gas Supply Need Is Created By Australian Energy Crisis

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Chevron Announces $15 Billion Capital and Exploratory Budget for 2022

    Aramco announces second quarter and half-year 2021 results

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    Empire Petroleum buys US oil and gas assets from ExxonMobil

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    CNOOC Limited Announces Key Operational Statistics for Q1 2020

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Home Upstream Exploration Development

Deepwater prospects key to resurrecting Mexico’s first bidding round

Yuvraj_ong by Yuvraj_ong
October 12, 2015
in Exploration Development, News, Projects, Upstream
0

Mexico needs to attract significant interest to salvage a bidding round hampered by delays and low oil prices, with Phase 4 of the current Round 1 licensing process offering the country’s first deepwater assets, says research and consulting firm GlobalData.

The company’s latest report states that a total of 13 exploration blocks will be open for bidding, together with several deepwater discoveries, with the general expectation that the assets will be offered under a royalty/tax contract called a license.

Adrian Lara, GlobalData’s Senior Upstream Analyst, says that evolutionary evidence from shallow-water terms suggests that the Mexican government is likely to change the adjustment mechanism to reduce the maximum additional royalty rather than accepting lower bids.

Lara explains: “To account for higher costs and exploration risks in deepwater areas, the additional royalty will need to be lower than that envisaged onshore.

“While this would ease the overall tax burden for potential investors, the government may still be able to mandate a reasonable minimum additional royalty rate.”

GlobalData’s report also found that exploration and production companies with over 1.6 million barrels of oil equivalent per day of production may no longer be restricted from partnering, and changes to unpopular corporate guarantee rules are also being considered.

Despite these attempts to make the current phase more attractive, Round 2 is expected to be more popular amongst bidders.

Lara adds: “Many companies are happy to wait to invest in Mexico if the Round 1 terms are not right, as a number of blocks in the Perdido area for Round 2 are possibly more attractive than those on offer this time around.

“The more important element of licensing in Round 1 is the farm-out of deepwater discoveries Exploratus, Trión and Maximino in the Fold Belt, which could contribute production within a much shorter time frame. Outside of the farm-outs, the government only risks the political capital it has invested if the terms are deemed unattractive,” the analyst concludes.

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