Mexico Sees $44 Billion in Investment for Deep Water Oil Fields
- Mexico to auction 10 deep water offshore fields next year
- Bidders must have previous experience in deepwater drilling
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On the heels of Mexico’s most successful private oil auction, the country announced plans today for its most lucrative and ambitious sale of crude fields since opening the national industry to private participants.
Mexico will auction 10 offshore fields for exploration and development next year in the deep waters of the Gulf of Mexico, estimating that each field will require an investment of $4.4 billion during the life of the contract, Deputy Energy Minister Lourdes Melgar said today in Mexico City. Participants in the auction, which will be held in the second half of next year, must have previous experience operating in deep water fields and will be contracted to operate for 35 to 50 years, she said.