MX Oil threw its bidding hat into Mexico’s onshore licensing round.
The firm confirmed it would bid for five concessions alongside its partner Geo Estratos in the country’s first licensing round since it opened its energy markets up after seven decades of closed quarters.
MX oil submitted its pre-qualification filing with the National Hydrocarbons Commission for the third phase of Bid Round 1, which will see a total of 25 land contract areas in the states of Chiapas, Nuevo Leon, Tabasco, Tamaulipas and Veracruz will be awarded.
Chief executive Stefan Oliver said: “Along with our partner Geo, we have carried out comprehensive due diligence on five blocks and we like what we see.
“As a result, we intend to lodge bids for all five concessions which match our investment criteria: onshore conventional fields with existing discoveries requiring development, as well as mature fields in need of secondary interventions to enhance hydrocarbon recovery rates.
“These are not exploration licences but lower risk development projects with company-making potential, and importantly they have fast and visible routes to cash flow generation, even at current oil prices. We expect to hear the result of our pre-qualification application in November followed by licence awards in December 2015. I look forward to providing further updates on our progress as we look to deliver on our objective to build a leading oil and gas investment company.”