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
Interpol is looking for Mexicans Jesús Orta and Frida Martínez in 195 countries
The former general secretaries of the Federal.
First came George Floyd in Minneapolis, and then Walter Wallace in Philadelphia
Philadelphia remains on high alert after.
AMLO signs an agreement with the UN for the purchase of medicines abroad
Mexico City (October 29, 2020).- President.
Vila Dosal requests Declaration of Emergency for municipalities affected by Zeta
Governor Mauricio Vila Dosal formally requested.
Joe Biden’s odds to win rise, but more bets on Donald Trump
Review Journal (October 29, 2020).- Former.
MORENA Representatives remove 32 billion pesos from the Health Fund
MEXICO CITY (Times Media Mexico) –.
Santa Muerte devotees will caravan through Mérida on Saturday, October 31st
MÉRIDA.- Despite the current health situation,.
Thieves loot church in Samahil, Yucatan
Samahil, Yucatan (October 29, 2020).- Two-legged.
Trump campaign hits Biden in first Spanish-language TV ad of general election
WASHINGTON — President Trump’s re-election campaign.
What do Mexico and Brazil think about the US election?
The U.S. elections are just one week away.