Mexico Cancels Two Oil and Gas Auctions

Mexico’s administration, led by new president Andres Manuel Lopez Obrador, has canceled two February bidding rounds, including one auction that would have been the first in Mexico’s history offering blocks targeting shale resources.

In a release published Dec. 11 on the website of Mexico's independent oil regulator the National Hydrocarbon Commission (CNH), the CNH announced it had canceled bid rounds 3.2 and 3.3, the latter which include nine unconventional onshore blocks with wet and dry gas.

Round 3.2 include 37 conventional onshore blocks with light crude oil and wet and dry gas.

The release also stated that the CNH would be postponing seven farmouts with PEMEX.

Mexico’s president Lopez Obrador, who took office Dec. 1, stated in July that he wanted to boost Mexico’s crude output to 2.5 million barrels per day. The veteran leftist also previously said that Mexican oil auctions would be suspended until contracts already awarded had been reviewed.

Lopez Obrador has been critical of former president Enrique Pena Nieto’s administration of opening the oil industry to private capital and plans to strengthen PEMEX during his time as president of Mexico.

Source: Rigzone

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