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UPDATE 1-Mexico's first-ever deep water Gulf oil auction set for Dec 5

Fri, 26th Feb 2016 17:15

(Adds unanimous approval, details on auction)

MEXICO CITY, Feb 26 (Reuters) - Contract awards for Mexico'sfirst-ever deep water oil auction covering ten potentiallylucrative blocks will take place on Dec. 5, oil regulator CNHsaid on Friday, a tender that will test investor interest amid aworldwide price slump.

The ten blocks are located in the country's territorialwaters in the Gulf of Mexico.

The auction date was approved by a unanimous vote of CNHcommissioners.

Four of the blocks straddle the maritime border with theUnited States in the Perdido Fold Belt where oil majors on theU.S. side, including Royal Dutch Shell and BP,have drilled dozens of commercially successful wells.

The remainder are located in the Salina basin along thesouthern rim of the Gulf.

Mexico's energy ministry will award license contracts,similar to concessions, in the historic opening.

The government will limit the auction to the deep waterblocks after initially announcing that heavy oil fields andseveral joint ventures with national oil company Pemex wouldalso be offered.

Winning bidders will not be required to drill wells duringthe first four years of the contracts, an element designed tolure cash-strapped producers facing crude prices near 12-yearlows.

The auction is the fourth phase of the so-called Round Onetender, a major part of an energy reform launched in 2013 thatended the decades-long monopoly enjoyed by Pemex and aims toreverse eleven consecutive years of declining crude output.

The previous three auctions, including shallow water andonshore mature fields, awarded 30 of the 44 contracts that wereoffered. (Reporting by David Alire Garcia; Editing by Jeffrey Benkoe)

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Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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29 Jan 2024 17:25

London close: Stocks turn weaker ahead of busy week for earnings

(Sharecast News) - London's stock market saw slight declines by the close on Monday, as investors turned their attention to a week filled with corporate earnings reports and central bank announcements.

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29 Jan 2024 17:02

LONDON MARKET CLOSE: Stocks slightly down pre US Fed, Bank of England

(Alliance News) - Stock prices in London closed mutedly lower on Monday, ahead of a busy week of interest rate decisions and economic data.

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29 Jan 2024 12:02

LONDON MARKET MIDDAY: FTSE 100 nudges higher ahead of rate decisions

(Alliance News) - Stock prices in London were mixed going into Monday afternoon, ahead of a busy week of interest rate decisions and economic data.

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29 Jan 2024 08:41

LONDON MARKET OPEN: BP, Shell higher amid Middle East tensions

(Alliance News) - Stock prices in Europe opened mostly lower, ahead of an important week of central bank decisions and economic data.

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26 Jan 2024 23:06

Equinor, Orsted bid for better contract in NY offshore wind auction

Jan 26 (Reuters) - New York State said on Friday it received bids to supply power from three offshore wind projects in its expedited fourth solicitation that allowed developers to exit old contracts and re-offer projects at higher prices.

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26 Jan 2024 17:02

LONDON MARKET CLOSE: Stocks up as Fed's preferred inflation read cools

(Alliance News) - Stock prices in London closed up on Friday, as investors predicted and responded positively to a cooling inflation read in the US.

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26 Jan 2024 13:16

Equinor sticks to 2030 renewables targets after US wind project reset

OSLO, Jan 26 (Reuters) -

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26 Jan 2024 12:11

LONDON MARKET MIDDAY: China growth measures and LVMH lift mood

(Alliance News) - Stock prices in London were up at midday, with investors optimistic ahead of a key US inflation reading.

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26 Jan 2024 10:03

Equinor sticks to 2030 renewables targets after US wind reshuffle

OSLO, Jan 26 (Reuters) - Norway's Equinor maintains an ambition to reach 12-16 gigawatts (GW) of installed renewable energy capacity by 2030, despite dropping out of some projects in New York, its renewables head told Reuters on Friday.

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26 Jan 2024 08:48

LONDON MARKET OPEN: Oil majors boost FTSE; LVMH lifts Burberry

(Alliance News) - The FTSE 100 looked set to end the week on a high note in early Friday trading, buoyed by strong US economic data and rising oil prices.

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25 Jan 2024 11:00

Big turnout expected in New York offshore wind power auction

Jan 25 (Reuters) - Several offshore wind developers will likely bid in New York's fourth offshore wind solicitation by the Thursday deadline, including units of European energy firms Orsted, Equinor and BP.

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23 Jan 2024 17:25

BP sees Trinidad deepwater gas project getting greenlight as soon as 2025

PORT OF SPAIN, Jan 23 (Reuters) - BP expects the Calypso deepwater natural gas field off Trinidad and Tobago, which it shares with Woodside Energy, to get the greenlight when a final investment decision (FID) is made as early as the end of next year, a company executive said.

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23 Jan 2024 08:47

LONDON MARKET OPEN: Stocks see muted open; oil majors rise

(Alliance News) - Stock prices in London opened largely flat on Tuesday, failing to capitalise on broadly positive market sentiment elsewhere.

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