auction

Oil & Gas

Mexico’s finance ministry sets minimum fiscal terms for September auction

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%.

Oil & Gas

Mexico makes rule changes in auctions rounds in bid to attract investors

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.

Oil & Gas

Mexico auction: First phase sees only two successful bids

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.

Oil & Gas

Mexico auction: Oil majors choose to skip round one bidding

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.

Oil & Gas

Live: Success for Premier Oil consortia but just two blocks sold in Mexico auction

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.

Oil & Gas

Mexico licensing auction: Too little, too late?

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.

Oil & Gas

Gallery: Mexico predicts huge investment from oil tender

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.