The Mexican oil regulator Comisión Nacional de Hidrocarburos (CNH) has published revised, more flexible rules for the Trion joint-venture tender, as part of the 2013 energy reform, which aims at opening the Mexican energy sector, including oil and gas exploration and production. In June 2016, Pemex authorised the start of the farm-out process and selected the Trion deep-water field to transfer to other operators; the field, located in the Perdido area in the Mexican Gulf of Mexico, was discovered in 2012. Total 3P reserves are estimated at around 485 mboe.
Under the new rules, the Trion joint venture will be bid out as a license contract (similar to a concession) with a single operator (instead of two, one having 30-45% in the project, in the previous rules). The share of Mexican state-owned oil and gas company Pemex in the public-private joint venture that will develop deep-water oil reserves will be lowered from at least 45% to 40%. A joint operating agreement (JOA) defines the relationship between Pemex and its potential partners; under the new rules, Pemex will lose its voting rights if it defaults on its responsibilities and fails to solve the issue within 90 days.
The licence will be awarded on 5 December 2016. On that day, the CNH will also auction 10 deep-water fields, including four surrounding Trion.
Do you want to become an expert on renewable energies auctions?
Discover our very detailed and regularly updated RES auctions database with worldwide coverage and a technical focus backed by academic research.
With our renewable energies auctions service you will be able to monitor auctions at a global level. Its (expanding) scope notably includes all major G20 countries and offers an especially fine tracking on Europe and South America.