Nov 25, 2010 12:47 PM CT
Petroleos Mexicanos, Latin America’s largest oil producer, will name winning bidders in an auction to develop Mexican onshore fields in July, almost two years later than originally planned.
Pemex, as the state oil company is known, is publishing preliminary contract conditions this month, the Mexico City- based oil producer said today in a website presentation. Final auction rules will be published in February, Pemex said.
Pemex plans to hire companies to maximize reserves in older fields and also explore in deep waters in the Gulf of Mexico, where it estimates it may have 30 billion barrels of oil. Pemex is targeting companies such as Exxon Mobil Corp.,Royal Dutch Shell Plc and BP Plc.
The company’s board yesterday approved the first round of performance-based contracts for three mature fields in the southeastern state of Tabasco, Mexico. A second round of contracts may be offered for shallow-water fields and wells at the Chicontepec project, Pemex Chief Executive Officer Juan Jose Suarez Coppel said in September.
The format of contracts approved by Pemex’s board may apply to as many as 200 mature oil fields, Chief Executive Officer Suarez Coppel said today in an interview with Radio Formula.
Payment to the winner bidders will be based on crude production plus reimbursement for expenses, Pemex said in today’s presentation.
Pemex has been preparing the performance-based accords since Mexico revised its oil laws in 2008 to allow the hiring of foreign companies.
https://www.bloomberg.com/news/2010-11-25/pemex-to-name-winners-of-onshore-oil-auction-by-july-2011.html