Mexico Tenders Onshore Fields

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Mexico has launched its first tender for onshore oil fields under the country's ongoing upstream bid round since a historic 2013 energy reform opened up the oil industry to private investment. The tender will comprise 17 oil fields and nine gas fields -- many of which are currently producing and all but one contain certified proven, probable or possible reserves. Output from the areas on offer could total 35,000 b/d of crude and 225 MMcf/d of natural gas. Mexico's upstream oil and gas regulator, the CNH, will award contracts for the blocks to the successful bidders on Dec. 15. The latest tender is the third in the ongoing bid round, which officials have dubbed Round 1 (EIF Feb.18'15). Unlike Mexico's two previous tenders, which featured production sharing contracts, the third tender will offer so-called license contracts -- which experts view as broadly in line with standard oil and gas industry concessions.

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