Pemex farm-out auction to continue: report

Mexico

MEXICO CITY, March 1, 2019 – Pemex will move ahead with a planned farm-out round on October 9, despite opposition from Mexican president Andrés Manuel López Obrador, international media reported on Thursday.

The head of the National Hydrocarbons Commission’s exploration contracts unit, Martin Alvarez, spoke to Reuters at an energy conference in Mexico City, saying the auction was expected to move forward.

Last week, President López Obrador said the NOC would not engage in any new farm-out partnerships for the time being, to allow existing projects time to start production.

The October auction will include 27 fields divided into seven onshore clusters, together containing an estimated 405 million boe of 3P reserves.