Oil firm partially returns area won in Mexico energy reform auction

09/14/2018 – Reuters

architecture-clouds-drilling-rig-87236.jpgConsorcio Petrolero 5M del Golfo, a small energy firm operating in Mexico, has returned one-third of an onshore area won in a 2015 auction, the country’s oil regulator said on Thursday, citing studies showing limited potential for production.

Companies operating in Mexico have so far returned all or part of three oil and gas areas mostly awarded during early auctions of the country’s flagship energy reform because of similar reasons, as well as high taxes and development program demands. This has cast doubt on the sustainability of some projects in the reform intended to open the industry to foreign investors.

The partial return of the 172-square-kilometer area, which includes the Benavides and Primavera fields in the Burgos basin in Northern Mexico, was approved this week by the National Hydrocarbon Commision (CNH), the regulator said in a statement.
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