Mexico’s Round One gets underway

MEXICO CITY, December 16, 2014 – On Monday, bidding started for the first of Mexico’s oil and gas blocks to be awarded in the Round One tender.

The initial areas up for bidding include 14 oil and gas blocks located in the Gulf of Mexico that contain an estimated 68 million barrels of oil with expected production levels between 80,000 and 100,000 barrels of oil per day. The 14 blocks will each require some $1 billion in investment over the course of the contract’s 25-year lifecycle.

The country’s regulatory authorities are considering postponing the bidding rounds of some of the more costly shale and deepwater oil and gas areas due to falling oil prices.

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