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EXPLORATION AND EXTRACTION OF HYDROCARBONS IN SHALLOW WATERS OF THE GULF OF MEXICO CORRESPONDING TO ROUND 2, TENDER 1, AREA 11 (SOUTHEASTERN BASINS).

Sector: Hydrocarbons


Last Revision

November 15, 2024
Round:
Round 2, Tender 1, “Shallow Waters”
 
Short Name of the Project:
0163 Round 2, Tender 1: Area 11, Southeastern Basins
Type of Investment:
Greenfield
Subsector:
Upstream
Asset (s):
 Oil Field 533 Km2-Light oil 
Contract Currency:
US Dollars
Estimated Investment MXN:

399,414,099

Estimated Investment USD:

23,357,549

Exchange rate (USD/MXN) used by the Ministry of Finance for the economic plan 2024: $ 17.1
Contract Scope:
  Exploration,  Extraction
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DESCRIPTION
On September 8, 2022, the Operator presented the Refund notification to this CNH for the entire Contractual Area. Through Resolution CNH.37.03/2023 dated September 7, 2023, the Early Termination Procedure for Return of the entire Contractual Area of ​​the Contract for the Exploration and Extraction of Hydrocarbons under the Shared Production Modality in Shallow Waters CNH-R02 is concluded. -LOl-A7l.CS/2077

Joint production agreement for the exploration of hydrocarbons in shallow waters, in a 533 km2 area in the oil-producing province of Southeastern Basins for the extraction of light oil.

Main Features:
- Geological Province: Salina del Istmo
- Age (s) of play: Pliocene-pleistocene, early miocene, late miocene, cretaceous and late jurassic
- Lithology (ies): Medium grain sand, fractured limestones and packstone/oolitic grainstone
- Type of Hydrocarbons: Light oil and heavy oil
- Prospective Resources: P90: 101.9 million barrels of oil equivalent (mmboe), P50: 300.1 mmboe and P10: 949.1 mmboe

LEGAL AND FINANCIAL STRUCTURE
Type of Project
  Public / Private
Type of Contract
  Shared Production
Term
30 years
Selection Process
International Open Tender
Details
Financing Sources
Private
100 %
MXN
399,414,099
USD
23,357,549
Payment Source
Project revenues
Revenues will come from the commercialization of hydrocarbons.

STATUS
Stage
  Execution
Substage
  Mexico Projects Hub will stop reporting
RELEVANT DATES
Request for proposals/Announcement July 20, 2016
Proposals Reception June 19, 2017
Ruling June 21, 2017
Contract Signing September 25, 2017
Execution/Construction Starting Date September 25, 2017
Contractor
Repsol Exploración México y Sierra Perote E&P  

GEOLOCATION
State(s)
Shallow waters of the Gulf of Mexico   
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Entity in charge of controlling the possession of communal land, as well as providing documentary legal security derived from the application of the Agrarian Law, and is the operator of the Geospatial Information System (SIG).

SPONSOR
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Entity
Comisión Nacional de Hidrocarburos
Department
Dirección General de Contratación para la Exploración y Extracción
E-mail
contacto@cnh.gob.mx
WebsiteInstitutional Arrangement

ADDITIONAL INFORMATION
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Source
National Hydrocarbons Information Center
Description
It is in charge of promoting and sharing the knowledge of the subsoil to foment the activities of exploration and extraction of hydrocarbons.
Hydrocarbons map
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Source
Comisión Nacional de Hidrocarburos
Description
Regulatory entity with technical autonomy, responsible for the organization of tenders, and execution of contracts related to the exploration and extraction of hydrocarbons.
Project Website
 Data sheet
 Results
 Signed contract
 Early Termination Resolution

MULTIMEDIA

REMARKS
Oil and gas exploration and extraction contracts may or may not generate revenue if the operator finds commercially extractable resources in the assigned area. In case the operator finds and extracts hydrocarbons, he must pay the State the percentage of production that he offered in the tender, once costs are recovered.
The State is partner with the contractor. The contributions to the State are:

1. The Contractual Fee for the Exploration Phase.
2. Royalties.
3. Operating profit, a percentage is shared with the investors.

It is important to clarify that all the exploration risk is assumed by the operator, that is, if the assigned operator does not find economically viable hydrocarbons to be extracted, the Mexican State has no payment obligation.

There are two possible extensions in the contract term subject to the area being in regular commercial production. The first extension of 5 years and a second extension for an additional 5 years.
0162 Ronda 2, Licitación 1: Área 10, Cuencas del Sureste 0164 Ronda 2, Licitación 1: Área 12, Cuencas del Sureste

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