Mexican state oil monopoly Pemex has formally accepted a bid from a consortium that includes Brazil’s Petrobras to develop natural gas in the Fronterizo block in northern Mexico for USD 265 million. The Petrobras consortium, which also includes Japan’s Teikoko Oil Co. Ltd and Mexico’s D&S Petroleum, has won its USD 260 million bid to develop the Cuervito block in the Burgos basin, across the border from Texas. The auctions are part of a controversial USD 10 billion services tender aimed at boosting Mexico’s natural gas production by around 1.0 billion cubic feet per day (Bcfd) by 2006 and reducing costly imports. Pemex argues that it does not have the technology or capital to do that alone, sources are reported as saying
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