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Mexican Officials Believe Next PEMEX Auction Could Attract Strong Interest

LADB Article ID: 80357
Category/Department: Mexico
Date: 2017-07-26
By: Carlos Navarro

The discovery of a large reserve of crude oil in the Gulf of Mexico could attract a large number of participants to Mexico’s next auction of exploration and drilling rights, which is scheduled to take place in January 2018, private analysts and public officials said. In mid-July, a partnership involving Britain’s Premier Oil Plc, Mexico’s Sierra Oil & Gas, and US-based Talos Energy LLC, reported the discovery of a deposit containing a potential 1.4 billion to 2 billion barrels of crude oil in the southern Gulf of Mexico. The exploration well, known as Zama-1, is located about 60 km (37 miles) from the port of Dos Bocas in Tabasco state. Other recent developments confirm a promising potential for oil in the Gulf of Mexico. In mid-July, Italian oil producer Eni Spa said a well drilled in the Amoca block reveals the potential for 1 billion barrels of crude. The Italian company won a concession in Mexico’s first auction following the opening of the energy sector, Mexican and private analysts expect strong interest in the next round of PEMEX exploration bids, which will take place at the beginning of 2018. At that time, Mexico plans to offer 30 blocks for deepwater exploration in the fourth auction of Round 2.

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