Project

EXPLORATION AND EXTRACTION OF HYDROCARBONS IN SHALLOW WATERS OF THE GULF OF MEXICO CORRESPONDING TO ROUND 3, TENDER 1, AREA 32 (CUENCAS DEL SURESTE).

Sector: Hydrocarbons


Last Revision

October 01, 2024
 
Short Name of the Project:
0666 Round 3, Tender 1: Area 32, Southeastern Basins
Type of Investment:
Greenfield
Subsector:
Upstream
Asset (s):
 Oil Field 1,027.40 Km2-Heavy oil, -Dry gas 
Contract Currency:
US Dollars
Estimated Investment MXN:

306,048,549

Estimated Investment USD:

17,897,576

Exchange rate (USD/MXN) used by the Ministry of Finance for the economic plan 2024: $ 17.1
Contract Scope:
  Exploration,  Extraction

DESCRIPTION

Joint production contract CNH-R03-L01-G-CS-02/2018 for the exploration of hydrocarbons in shallow waters, in an area of 1,027.4 km2 in the oil province of Southeastern Basins for the extraction of heavy oil and dry gas.

Main Features:
- Geological Province: “Cuenca Salina”
- Age (s) of play: Cretaceous, pliocene–pleistocene
- Lithology (s): Coarse grain sand and fractures limestones
- Type of Hydrocarbons: Heavy oil and dry gas
- Prospective Resources of Southeastern Basin Sector (of the 8 contractual areas): P90: 265.3 million barrels of oil equivalent (mmboe), P50: 851.3 mmboe and P10: 2,793.1 mmboe

LEGAL AND FINANCIAL STRUCTURE

Type of Project
  Public / Private
Type of Contract
  Shared Production
Term
30 years
Selection Process
International Open Tender
Financing Sources
Private
100 %
MXN
306,048,549
USD
17,897,576
Payment Source
Project revenues
Revenues will come from the commercialization of hydrocarbons.

STATUS

Stage
  Execution
RELEVANT DATES
Request for proposals/Announcement September 29, 2017
Proposals Reception March 27, 2018
Ruling April 02, 2018
Contract Signing June 27, 2018
Execution/Construction Starting Date June 27, 2018
Term of the Contract June 27, 2048
Contractor
Pemex Exploración y Producción, y TotalEnergies EP México  
Major Contractor’s Shareholders
Empresa Productiva del Estado Mexicano, Total Holdings International y Total Holdings Nederland

GEOLOCATION

State(s)
Shallow waters of the Gulf of Mexico   

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

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

ADDITIONAL INFORMATION

Responsive image
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.
Responsive image
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.

REMARKS

The estimated investment amount refers to approved investments, which are those that operators estimate they will carry out in the various plans, as applicable (exploration, evaluation, and/or development).

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.

Follow the Project

Leave your e-mail to receive updates on this Project.

 I have read and I accept the Privacy Notice