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  HOME | Mexico

Canadian-Mexican Wins Bidding for 6 Oil-Producing Areas in Mexico

MEXICO CITY – The consortium created by Canada’s Sun God Energia and Mexico’s Jaguar Exploracion y Produccion de Hidrocarburos won the bidding on Wednesday for exploration and production (E&P) rights in six of the 10 onshore blocks included in Round 2 of petroleum auctions.

The auction, made possible by the energy industry reforms implemented by President Enrique Peña Nieto’s administration, drew six bidders, who made their offers for E&P rights individually or as part of a consortium.

All the blocks, with the exception of one area in Tabasco state’s Cuencas del Sureste region, are in the Burgos oil-producing area, which sprawls across the northeastern states of Nuevo Leon and Tamaulipas.

Sun God Energia de Mexico and Jaguar Exploracion y Produccion de Hidrocarburos won the E&P rights in five Burgos blocks, whose main expected reserves are of wet gas, and one in Tabasco, where the oil companies expect to find super light crude oil.

The consortium, in the majority of areas, offered the maximum additional royalty of 25 percent set by the Finance and Public Credit Secretariat, while the royalty rate in Tamaulipas was 45 percent.

The consortium created by Mexico’s Iberoamericana de Hidrocarburos and Servicios PJP4 de Mexico won the E&P rights for Area 1 in Burgos.

There were no bidders for three of the oil-producing areas being offered at the auction.

 

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