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IFR joint venture enters largest onshore bid round 3.2 of historic Mexico energy reform

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Oilfield Technology,

International Frontier Resources Corporation in partnership with Mexican petrochemical leader Grupo IDESA, has announced that Tonalli Energia has registered and been granted access to the data room for the second tender of Round Three (Round 3.2) of Mexico’s oil and gas energy reform by the National Hydrocarbons Commission (CNH).

Tonalli is in the process of analysing and assessing block data and completing documentation in anticipation of entering the bidding process.  Concessions are to be awarded in September 2018 under a license contract model. The licenses for exploration and production will last 30 years and can be extended for two additional terms of five years each.

CNH announced Round 3.2 on 25 January, 2018, which is scheduled to be the 10th upstream bid round since the initiation of the historic energy reform. This new bid round covers 37 onshore conventional blocks for exploration and production, including 21 blocks in the Burgos Region in Tamaulipas, nine blocks in the Tampico-Misantla-Veracruz Region in Veracruz, and seven blocks the Southeastern Region in Tabasco and Campeche, covering collectively 9513 km2, with prospective resources of approximately 260 million barrels of crude equivalent. These blocks include wet gas, dry gas and light oil.

Through its joint venture, IFR was one of the first foreign companies to participate in Mexico’s historic reform of the oil and gas sector. The Tecolutla block was awarded to Tonalli on 12 May, 2016 as part of the first round and third call of Mexico's oil and natural gas "mature fields" bid round (Round 1.3), the first in almost 80 years.

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Upstream news Mexico upstream news