AllSurplus.com, the world’s leading online marketplace for business surplus assets, has partnered with Aaron Industrial Solutions, a global equipment auction and asset management company, to sell unused components from a Linde Engineering ethylene plant.
The government of Indonesia is reviewing plans to again auction the giant East Natuna Block offshore Indonesia as carbon capture and storage (CCS) technology opens up the development potential of the carbon dioxide (CO2) intense field, according to Minister of Energy and Mineral Resources (ESDM) Arifin Tasrif.
Indonesia is offering six upstream blocks as part of its first licensing round in 2021 with improved terms to help attract new investment. Significantly, investors will have the option to choose between the newer gross-split production-sharing contract (PSC) and the traditional cost-recovery PSC, which the government tried to phase out in recent years.
Mexico will hold a private bidding round for the nation’s shale oil fields this year in part to cater to continued interest from US drillers eyeing expansion south of the border, according to Deputy Energy Minister Lourdes Melgar.
The Indian Government plans to finalise new policy for the auction of oil and gas blocks.
The country’s Oil Minister Dharmendra Pradhan said suggestions for the new fiscal and contractual agreements will be prepared for the financial year ahead.
Mexico’s finance ministry has set the minimum fiscal terms companies will be required to meet in order to win development rights in an upcoming oil auction.
The country is gearing up for the second round of its auctions in its Round One tender after an historic energy overhaul last year.
The minimum amount of profits required to win development rights varies slightly by contract.
The minimum value of pre-tax profits for the five offshore extraction contract up for grabs range between 30.2 and 35.9%.
Mexico’s oil regulator has voted to change the rules for the second phase of the country’s round one auction.
The move includes lowering a required corporate guarantee that was said to have initially put investors off.
Last month the first inaugural oil auction – which covered 14 shallow water exploration blocks – took place.
However, only two blocks were awarded in the first stage of the highly anticipated auction.
The first round of the historic opening into Mexico's crude market has closed with only two successful bids.
A total of 14 blocks had been up for grabs in the landmark opportunity for companies looking to invest in the region.
However, as the CNH (Comision Nacional de Hidrocarburos) moved through the blocks on offer it was clear Mexico's big gamble was off to a slow start.
A trio of oil majors have chosen to miss bidding for 14 blocks in Mexico in the first round of its historic auction, which opens the country's energy market up to private investors for the first time in more than 70 years.
ExxonMobil, Total and Chevron have all passed on the opportunity which has seen just three successful bids so far.
Mexico has opened up its historic bid for shallow-water blocks in the first opportunity for private investors in more than 70 years.
The country's regulator CNH (Comision Nacional de Hidrocarburos) had been calling for bids above the minimum 40% of pre-tax profits required by the government.
To recap - Of the nine blocks so far, just two have been successful with a consortia of Sierra Oil & Gas, Premier Oil and Talos Energy winning both.
Mexico may have missed the mark in opening up its energy market to foreign investors as the oil price decline continues to hit, according to a leading expert.
Derek Leith, UK head of oil and gas taxation at EY, said the fall in oil price may be a deciding factor in the historic auction for 14 licences in the South American country.
Mexico has made the bold move as its rebounds from a decade long decline in oil production.
It is estimated there has been an overall loss in that time of around a million barrels of oil per day.
Mexico is gearing up for the first auction of new licences to private investors in almost 80 years.
The government will hold the first of the sales, which it hopes will open the energy industry, and bring in an estimated $62.5billion by 2018.
It is also expected to increase annual output in the country by 500,000 barrels a day.