Mexico assigns oil exploration, production contracts

By The Associated Press

Mexico has assigned 21 exploration and production contracts for oil and gas fields that hold potential reserves of 435 million barrels of crude equivalent.

 

MEXICO CITY (AP) — Mexico has assigned 21 exploration and production contracts for oil and gas fields that hold potential reserves of 435 million barrels of crude equivalent.

The blocks went to six investor consortiums made up mainly of Mexican companies, with some foreign partners.

The bidding results announced late Wednesday were carried out under the country's 2013 oil reforms, which allow private drilling under a concessionary scheme.

The companies bid $88 million in direct payments, and offered to invest as much as $2.06 billion over the next 30 years.

The government was promised 75 percent of profits from the fields located in the Burgos, Tampico-Misantla, Veracruz and Southeast basins.

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