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Bidding for Oil Exploration Rights officially started in 14 areas of the Gulf of Mexico

16/12/2014 by Sharon Shahzad

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Mexico starts oil exploration bids,  businesses may bid independently or as a consortium.

The Mexican government announced on Thursday, December 11th, 2014, the start of bidding for oil exploration rights in 14 areas of the Gulf of Mexico being opened to domestic and international companies as Mexico ends a seven-decade state monopoly on the petroleum business.

Bidding will continue until July 15. Companies wishing to bid must meet a set of requirements, including showing their participation in at least three exploration projects and oil extraction of at least $1 billion and capital on hand of at least the same amount.

Mexico nationalized its oil industry in 1938. Prior to this year’s reforms, the state company Petróleos Mexicanos was the only one allowed to do oil exploration and production.

The parcels up for bid are in shallow water, less than 500 meters (1,640 feet), off the coasts of Veracruz, Tabasco and Campeche states.

The areas will be explored through shared production contracts running for 25 years.

Businesses may bid independently or as part of a consortium, but no company can try for more than five blocks. Interested companies will have access for six months to detailed data about each of the parcels through a website.

This article has been extracted from http://www.theyucatantimes.com, please click on this link to read the article in full http://www.theyucatantimes.com/2014/12/bidding-for-oil-exploration-rights-officially-started-in-14-areas-of-the-gulf-of-mexico-including-campeche/

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