Published On: Thu, Jul 16th, 2015

Sierra, Premier and Talos Awarded with 2nd Block in Mexico’s Oil Tender

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Mexico’s oil regulator awarded on Wednesday July 15th, the second block in its initial offshore tender to the consortium including Sierra Oil & Gas, Premier Oil and Talos Energy.

The block is one of more than a dozen oil fields being auctioned as part of a historic sector opening the government hopes will fuel more robust growth in Latin America’s second biggest economy.

The consortium’s winning bid for the production-sharing contract covering the shallow water block along the southern rim of the Gulf of Mexico offered 55.99 percent of pre-tax profits to the state.

Oil Platform in Ciudad del Carmen, Campeche (Photo: PEMEX)

Pemex Oil Platform in Ciudad del Carmen, Campeche (Photo: PEMEX)

The regulator said it received no winning bid in the first, third, fourth and fifth blocks of its initial offshore oil and gas tender.

The production-sharing contracts on offer received no bids above the minimum 40 percent of pre-tax profits required by the government.


 

The block is one of more than a dozen oil fields being auctioned as part of a historic sector opening the government hopes will fuel more robust growth in Latin America’s second biggest economy.

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