Shallow-Water Oil Auctions Fall Flat for Mexico

5 Oct 2017   Mexico

More bad news for Mexico’s state-run Pemex as the live auction for its shallow-water Ayin-Batsil oil play in the Gulf of Mexico failed to attract any offers for partnership. This morning, Mexico’s Hydrocarbon Commission (CNH) officially declared the Ayin-Batsil abandoned. Mexico is still hoping to find partners for onshore fields in the coming days. The live auction also offered up the Cardenas-Mora and Ogarrio oilfields, but results have not yet been published. Ayin-Batsil is believed to contain 359 million barrels of oil equivalent in proven, probable and possible reserves. Between 1988 and 2015, 10 wells have been drilled in the shallow-water block, including eight wildcat wells and two appraisal wells. (Click to enlarge) Pemex was looking for a 50:50 partnership for Ayin-Batsil, with the partner taking operatorship. A total of 10 companies had prequalified earlier in September to participate in the three-field auction. Those pre-qualified included Egypt’s Cheiron Holdings […]

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