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MX Oil prepares for Mexico's tender for mature onshore conventional fields


Published Apr 2, 2015
MX Oil plc

MX Oil plc notes the recent comments made by Mexico's Secretary of Energy, Pedro Joaquin Coldwell, that the tender for mature onshore conventional fields in the states of Tabasco, Veracruz and Tamaulipas, in which MX Oil intends to participate in, will open by the end of April 2015. The tender, known as Bid Round 1, is the latest step in Mexico's move to allow foreign companies to own and produce oil, ending a 76-year-old state monopoly.

MX Oil is primarily focused on securing onshore conventional acreage in Mexico which remain attractive at current oil prices due to having low production costs. As well as participating in Bid Round 1, the Company is also working alongside its partner Geo Estratos, a leading local oil and gas services provider, to secure existing fields operated by Pemex, the state-owned national oil company, via farm out agreements.

Tags: MX Oil plc




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