(image courtesy of http://www.energia.gob.mx/)

(image courtesy of http://www.energia.gob.mx/)

The results of the Round Zero and the content of Round One were announced today by a contingent of public sector leaders in the Mexican oil & gas industry that included SENER heads Pedro Joaquin Coldwell and Lourdes Melgar, PEMEX CEO Emilio Lozoya Austin, PEMEX E&P Director General Gustavo Hernández and CNH Commissioner Juan Carlos Zepeda Molina. The Round Zero verdict represented an overall success for PEMEX, although the degree to which that estimation is true would depend on what their honest expectations were, and no media outlet has that information (at least not for now): the NOC was awarded 100% of their 2P bids, which represent 83% of the country’s overall 2P reserves, and they were also granted 67% of their bids in terms of prospective resources, which represent 21% of Mexico’s total prospective resources. This would represent an estimate of over 20 billion BOE, which, according to Melgar, should be enough to give PEMEX a little over 15 years of steady production in order for them to have a platform to manage their transition into an internationally competitive oil and gas company.

SENER & CNH announced that Round One will include the offering of a total of 156 blocks, of which 96 have been deemed fit for exploration and 60 have been described as being ready for extraction. In terms of field characteristics, these blocks are spread out across the spectrum to include deepwater, technologically challenging onshore unconventional projects and mature fields, such as those found on Chicontepec, and shale projects as well. The timeline for the execution of Round  One calls for the publication of the complete characteristics of each block to be offered and all pertinent participation rules and guidelines by the third week of November 2014, the final deadline for the submission of all necessary documentation by February 2015, and the announcement of the results sometime before September 2015, which is when most of the blocks are expected to be actually handed over to their new operators.  Another important element of the announcement was PEMEX’s future heavy reliance in farmouts and contract migrations, especially for those Integrated Service Contracts signed in previous years for work in technologically and socially challenging areas and regions, such as the Santuario, Magallanes and Carrizo fields, all located in the South Region.

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