According to Reuters, several major oil companies have paid Mexico’s oil regulator nearly US$80 million for seismic data ahead of an auction for deep water fields, suggesting robust interest in the tender despite a lasting slump in the price of crude.
Thirteen companies, including Exxon Mobil, BP and BHP Billiton, have paid a total of 1.38 billion pesos (US$78 million) to date for licenses to use deep water data, according to a document from national oil regulator CNH seen by Reuters.
Company executives say the sum reflects only a fraction of their spending in the past year to acquire geological data ahead of the Dec. 5 auction, which will feature 10 largely unexplored blocks in the Gulf of Mexico.
The deep water auction is part of the so-called Round One tender, fruit of an energy reform finalized in 2014 that ended a seven decades-long production monopoly of state-owned oil firm Pemex.
“It’s a commitment to invest in Mexico,” an oil company executive said about the purchase of deep water seismic data.
Speaking on condition of anonymity, the executive said his firm spent more than US$30 million last year on the acquisition of additional deep water seismic data from private suppliers.
Companies will want to see contract fine print yet to be finalized by the government before deciding to bid.
Oil companies already have spent an additional 346 million pesos ($19.5 million) on bid packages for the deep water auction, according to the document.
Global oil prices have fallen more than 70 percent in the past couple of years, prompting deep spending cuts across the industry and speculation that firms might pass on Mexico’s potentially lucrative but costly deep water projects.
(Reporting by David Alire Garcia; Editing by Bill Trott)
more recommended stories
Top 10 things you should know about NABCO Ghana
While NABCO is still a new.
Mérida City Council will take “vulnerable social groups” representatives to visit Logos Hope
MÉRIDA, Yuc.- The City Council of.
Four deaths in Yucatán due to Influenza: State Health Secretariat
After days of waiting to have.
Mexico opposes U.S. plan to make it take asylum seekers -document, source
MEXICO CITY, July 12 (Reuters) –.
Mexican scientists develop fetal monitoring device
Specialists from the Center for Industrial.
800,000 tourists are expected to visit Yucatan this summer
“During this summer holiday season it.
Yucatecan guayabera will be present at the Central American and Caribbean Games of Barranquilla 2018
The president of the National Chamber.
Mérida teen electrocuted by cell phone charger cable
A 15-year-old girl died after she.
One&Only Palmilla a state-of-the-art beach resort by the Sea of Cortez
The One&Only Palmilla sits by the.
“Chayote” the Mexican super-food that could cure cancerous tumors
After a decade of research and.