Mexico’s oil sector regulator approved on Monday May 11th the terms for its next package of contracts covering 26 onshore areas, part of the country’s historic energy industry opening after decades of state control.
The onshore areas to be tendered are spread across five states and contain 2.5 billion barrels of oil equivalent (boe) in proven, probable and possible reserves.
The call for bids for the onshore areas follows two earlier packages covering 19 low-cost shallow water areas divided into nearly two dozen contracts, all part of the so-called Round One tender that was launched late last year along with an initial allotment of areas to national oil company Pemex.
The Round One tender features packages of blocks grouped by type of petroleum basin and will allow oil companies to bid on contracts covering 169 offshore and onshore blocks for the first time since Mexico’s oil industry was nationalized in 1938.
(Reporting by David Alire Garcia)
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