By Marianna Parraga
HOUSTON, April 30 (Reuters) - Oil major BP Plc isclosely following oil auctions in Brazil and Mexico, which areexpected to announce new awards later this year, to decidewhether to submit bids and expand its presence in the region,Felipe Arbelaez, the firm's chief for Latin America, said onMonday.
Rising crude prices and energy reforms in several LatinAmerican nations have reinvigorated the oil majors' appetite fora region that once imposed nationalizations, forced contractchanges and strict rules for foreign investors.
More companies are becoming interested in offshore prospectsfrom Brazil to Guyana, which present potential new reserves andcould diversify investment portfolios.
"Our emphasis in the region right now - in terms of biddingrounds - is in Brazil and Mexico. We are also looking atArgentina, though it is still early," Arbelaez said.
Brazil will receive bids for blocks in its coveted presaltregion in June, after awarding majors including Exxon Mobil Corp, BP and Royal Dutch Shell Plc offshore blocksin previous rounds in 2017 and 2018.
Brazil's government also is in negotiations with Petrobrasto accept foreign investment in the remaining areasof fields assigned to the state-run oil company. The resultingblocks would be auctioned this year, along with hundreds ofareas that were not awarded in previous rounds.
For its part, Mexico plans to announce results in Septemberfrom two onshore rounds, including its first offer ofunconventional areas for foreign investment.
In Colombia and Uruguay, the investors' interest has notbeen as high. The Andean nation has postponed several times theoffer for its Sinu-San Jacinto onshore round, while Uruguayreceived no bids at its third offshore auction in April.
The auctions in many Latin American countries come aspresidential elections this year increase the political riskbecause some candidates have promised to slam the brakes onreforms, revise the signed contracts or change fiscal terms.
"Every country is different... (The elections) don't changeour perspective in the medium or long terms," Arbelaez said.
BP is trying to increase the number of oil projects itoperates in the region, especially in Brazil.
In countries including Guyana, Colombia and Suriname, thefirm is seeking opportunities to participate in offshore areas.
"These countries are reopening for foreign investment. Wethink that will benefit the countries because they will have awider number of experienced operators and because they will becapable of better developing and marketing their resources," hesaid.
(Reporting by Marianna Parraga; editing by Diane Craft and LisaShumaker)