CNH announces new E&P round

Mexico’s National Hydrocarbons Commission (CNH) has published bidding terms and the date for a new E&P auction, the regulator said Thursday.

In Round 3.1, the CNH will offer 35 shallow-water blocks located in the Burgos, Veracruz, Tampico-Misantla and Southeastern basins. All together, the areas are estimated to hold 1.99 million barrels of crude. This tender will be Mexico’s largest to date, as the CNH has never auctioned more than 15 blocks at one time.

Participants in Mexico’s previous rounds will not have to go through a prequalification process to bid for Round 3.1 areas. Any new bidders will have to prove that they have at least USD 1 billion in offshore capital investment and have operated at least one block within the past five years.

The deadline for proposal submissions for the tender is March 27, while winners of the PSCs will be announced on April 2.

An auction for three farm-outs will take place next Wednesday, and deepwater Round 2.4 is scheduled for January 31,2018.