Ronda Uno, First Tender
On March 25, 2015, the Comisión Nacional de Hidrocarburos (“CNH”) released revised versions of the Bidding Guidelines (the “BG”) and the Model Production Sharing Contract (the “PSC”) for the First Tender published on December 11, 2014 (the “First Tender”). The First Tender contains fourteen exploration Contract Areas located in shallow waters off the Gulf of Mexico. Thus far, 49 companies have approached CNH to participate in the First Tender and 29 of those companies have prequalified to participate.
This summary discusses relevant changes in the BG and PSC which address some of the concerns expressed by multiple industry participants. The evolution of these terms will have a direct impact on the economic viability of the projects and should improve Mexico’s competitiveness in the global energy market.
Click here to read the full alert.