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Mexico launches second phase of Round One oil auction

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Staff writer ▼ | March 2, 2015
Mexico oil
Oil industry   12,000 new direct jobs

Mexico launched the second phase of its Round One oil and gas offerings, saying it will put nine shallow-water fields in the Gulf of Mexico up for auction.

This second phase is projected to attract roughly $4.5 billion in investment over the next five years.

The fields to be awarded are located in a 281-sq.-kilometer (108-sq.-mile) area off the coasts of the southeastern states of Tabasco and Campeche and contain reserves estimated at 671 million barrels of oil equivalent.

The fields, which are to be auctioned off in five contracts, will lead to an additional 124,000 barrels per day of production, Energy Secretary Pedro Joaquin Coldwell told the media.

Nearly all of the fields have certified crude reserves and the fact they are in the development phase and do not require prior exploration significantly reduces their geological risk, he said.

"These nine fields are very attractive because they are in the southeastern basin (of the Gulf of Mexico), the country's most prolific area," the secretary added.

With this auction, the government expects to boost oil production that has been "severely affected by the decline of the supergiant Cantarell field" and create 2.7 direct jobs per $1 million invested.

This will "give us a total of 12,000 new direct jobs by around 2018," in addition to 32,000 indirect jobs, he added.


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