After a necessary change in the rules, which allowed individuals access to the recently-opened Mexican oil market, and after two disappointing Round One auctions, the third phase was held yesterday (December 15, 2015). All 25 available contracts were awarded, making it is the most successful round so far.
Colombian authorities should be paying close attention to not just the results of the first Mexico Round, but how the rest of the process plays out. It clearly demonstrates that contract conditions and geology weigh just as heavily as state take when deciding whether to bid or not, says a business publication.
The map comes from the National Hydrocarbons Commission (CNH) webpage. The details for each block can be found on the same page but we provide a summary below.
Ecopetrol (NYSE:EC) has withdrawn its participation in a consortium formed to bid on offshore blocks in the Mexico Round 1 just days ahead of the presentation of bids.
Pacific Rubiales (TSX:PRE) and Ecopetrol (NYSE:EC) are the only Colombia focused operators participating in the historic bidding round that will open the Mexican oil industry to private capital, which has advanced to the next stage.
Ecopetrol (NYSE:EC) and Pacific Rubiales (TSX:PRE) are both looking north and making the upcoming concession round in Mexico one of their main targets looking forward. Both are included in the list of 39 firms pre-qualified for Round One.
In the transition from a state operated monopoly to a mixed scenario with private players Mexico must find ways to be competitive globally and encourage sustained private investment in exploration says Germán Arce, president of Colombia’s National Hydrocarbons Agency (ANH).
In the transition from a state operated monopoly to a mixed scenario with private players Mexico must find ways to be competitive globally and encourage sustained private investment in exploration says Germán Arce, president of Colombia’s National Hydrocarbons Agency (ANH).
HCC Managing Editor Wally Swain and collaborator Algimantas Didziulis had a conversation with the ex-head of the National Hydrocarbons Agency (ANH), Armando Zamora. Zamora was the very first head of the ANH so his comments carry considerable weight in the industry.