Mexico awarded eight out of ten blocks up for grabs in its milestone deep water round, R01-L04, on Monday, with large IOC’s like Chevron, Exxon and Total among the winners of the National Hydrocarbons Commission’s bidding process.
The ten blocks, four located in the Perdido area and six in Cuenca Salina, were awarded to a range of consortiums and one individual bidder ranging from IOCs to independents and NOCs. All of the Perdido area blocks were awarded whereas two of the Cuenca Salina blocks saw no bids.
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The biggest winners of the licensing rounds were China Offshore Oil Corporation (COOC), Statoil and Sierra, each of whom won two blocks. COOC bid independently to win the first and fourth contractual areas of Perdido. Statoil and Sierra won two blocks each as part of different consortiums.
The royalty rates offered by winning parties varied, with the highest rate offered by the consortium headed by Murphy (26.81 percent) for block 5 of the Cuenca Salina area, and the lowest put forward by Total and Exxon (5 percent) in Perdido’s block 2. The minimum royalty rate for the Perdido blocks was set at 3.1 percent, while the Salina blocks tendered required a minimum royalty of 1.9 percent.