On June 19, 2017, the Comisión Nacional de Hidrocarburos (CNH) completed the Presentation and Opening of Bid Proposals for the First Tender of the Ronda Dos ("Round 2.1"), which was first announced on July 20, 2016. Round 2.1 attracted 36 bidders: 20 individual companies and 16 consortia, including Petroleos Mexicanos, DEA Deutsche Erdoel, Talos Energy, Noble Energy, Chevron, Shell, Total and ConocoPhillips.
Round 2.1 included 15 contract areas with an estimated four billion BOE of dry gas, wet gas, light oil, heavy oil and extra heavy oil located in the shallow waters of Veracruz, Tabasco and Campeche.
Despite "lower for longer" oil prices, the auction was quite competitive compared to previous shallow water tenders in Mexico. For instance, only nine bidders competed in Rounds 1.1 and 1.2, and only five contract areas were awarded. In contrast, Round 2.1 had 36 bidders and awarded 10 contract areas. Many blocks received multiple bids and one block had to be decided by the tiebreaker bonus. The aggressive nature of Round 2.1 compared to the prior rounds is indicative of the strong potential that the international energy industry sees in Mexico.
CNH evaluated the bids based on proposed state participation and investment factor. The results of the bidding process are shown in the following chart:
|License Area||Winner||Surface (km2)||Projected Volume (MMboe)||Minimum Work Program Units||Well Value in Work Units1||State Participation||Economic Proposal||Investment Factor (x)|
|Tampico Misantla 1||No bids||544||23.1||57,100||29,000||-||-||-|
|Tampico Misantla 22||PEMEX/ DEA Deutsche Erdoel||549||44.1||76,200||23,000||57.92%||63.49%||1%|
|Tampico Misantla 3||No bids||546||62.2||78,500||29,400||-||-||-|
|Tampico Misantla 4||No bids||557||79.4||72,100||31,000||-||-||-|
|Cuencas del Sureste 13||Petronas-Ecopetrol||559||36.4||39,500||27,800||65.19%||71.18%||1%|
|Cuencas Sureste 24||ENI/ Cairn Energy/ Citla||591||7.1||46,400||35,000||75%||84.83%||1.50%|
|Cuencas Sureste 3||PEMEX/ Ecopetrol||586||18.8||40,800||25,800||20.10%||20.10%||0%|
|Cuencas Sureste 45||Cairn Energy/ Citla||562||56.2||43,200||27,000||75%||84.83%||1.50%|
|Cuencas Sureste 56||ENI||533||30.9||41,500||27,000||75%||84.83%||1.50%|
|Cuencas Sureste 67||Repsol/ Sierra Perote||533||101.9||67,500||39,000||62.28%||62.28%||0%|
|Cuencas Sureste 7||Lukoil||521||73.8||61,100||31,000||75%||81.55%||1%|
|Cuencas Sureste 8||No bids||565||45.5||69,000||51,000||-||-||-|
|Cuencas Sureste 9||ENI/ Citla||466||40.5||80,200||31,000||37.27%||37.27%||0%|
|Cuencas Sureste 10||Total/ Shell||972||16.2||53,800||33,400||30.11%||30.11%||0%|
1. Value per working unit is tied to the price of Brent crude. For comparison, when Brent is $40 per barrel, the value of a working unit is approximately $949. When Brent rises closer to $50 per barrel, the value per working unit rises to approximately $1,030.
2. ENI and Lukoil came in at second place with state participation of 55.14 percent, an additional investment factor of 1.5 percent and an economic proposal of 63.261 percent.
3. Murphy Sur, Talos Energy and Ophir Mexico placed a bid with state participation of 64.75 percent, an additional investment factor of 1 percent and an economic proposal of 50.150 percent.
4. Repsol, Premier Oil and Sierra Perote placed a bid with state participation of 69.58 percent, an additional investment factor of 1 percent and an economic proposal of 75.819 percent.
5. ENI lost in a tie, and placed a bid with state participation of 75 percent, an additional investment factor of 1.5 percent and an economic proposal of 84.825 percent. ENI offered a $20.5 million bonus, but the winner offered a cash bonus of $30 million.
6. DEA and Diavaz placed a bid with state participation of 68.73 percent, an additional investment factor of 0 percent and an economic proposal of 68.73 percent.
7. CNOOC placed a bid with state participation of 35 percent, an additional investment factor of 0 percent and an economic proposal of 35 percent.
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