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Mexico to launch two annual oil auctions starting 2018

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Staff Writer | March 3, 2017
Mexico's oil regulator will organize two annual oil auctions beginning in 2018, officials said.
Mexico oil platform
Oil exploration   The deep water auction is set for December
Part of an ongoing overhaul of Mexico's energy sector, the post-2018 auctions will follow three previously announced ones set for later this year, covering two shallow water tenders and a separate onshore tender.

The deep water auction is set for December and will now also feature so-called unconventional onshore shale fields, Aldo Flores, deputy energy minister for hydrocarbons, told reporters on Thursday as the ministry announced its five-year development plan for the sector.

The inclusion of shale fields in the auction, most likely near Mexico's northern border with the United States, will mark a first for Mexico, where development of its own shale basins badly lags booming U.S. fields next door.

Officials did not specify the locations of future fields up for grabs in the new five-year plan or the type of contract it plans to offer.

The twice yearly oil auctions beginning in 2018 will feature one during the first half of the year including shallow water and onshore conventional fields, and another in the second half including deep water and shale fields, said Flores, who also sits on the board of state-owned oil company Pemex.