American Oil and Gas Reporter - May 2015 - 64

SpecialReport: New World Mexico
TABLE 1
Companies with Access to CNH Data Room
Companies with Access to Data
Room
(As of 4-16-2015 )

For ShallowWater
Exploration
Blocks

Atlantic Rim Mexico
BG Group Mexico Exploration
BHP Billiton Petroleo
Operaciones de Mexico
BP Exploration Mexico
Casa Exploration
CNOOC International Limited
Chevron Energia de Mexico
Cobalt Energia de Mexico
Compañia Española de Petroleo
(CEPSA)
Diavaz Offshore
E&P Hidrocarburos y Servicios
Ecopetrol
Eni International B.V.
ExxonMobil Exploracion
y Produccion Mexico
Galp Energia E&P B.V.
Hess New Ventures Limited
Hunt Overseas Oil Company
INPEX Corporation
Japan Oil, Gas and Metals National
Corporation
Japan Petroleum Exploration Co. Ltd.
LUKOIL Overseas Netherlands B.V.

For ShallowWater
Discovered
Fields

in the bid parameters to indicate the level that the state would consider the lowest acceptable share of profit. If this lower limit is
set too high according to the operators' economic analyses, a scenario of few bids (or no bids at all) could materialize.
So far, there has been noticeable interest from oil and gas operators in the shallow-water phase of round one. Table 1 shows
companies with access to CNH's data room as of mid-April. There
is a representative sample of big IOCs and medium-sized companies, including independent operators. It is true that proximity to U.S. oil and gas markets and the U.S. service and supply
sector makes the current and future offered areas attractive in a
medium- to longer-term perspective. However, even this does not
guarantee competitive bidding, and therefore nothing can be said
yet about the success of round one.
A significant amount of political capital has been invested in
getting to round one, from having the three main political parties agree in Mexico's congress to a major change in the constitution, to passing the secondary legislation and redesigning the
sector's institutional organization.
Furthermore, the administration has experienced some legitimacy issues that have lowered its approval ratings and public
opinion at the expectation of the next negative result from the government. In this context, there is clear interest in the administration for round one successfully receiving bids and awarding most
of the offered areas.
In addition, any possible changes to the upstream fiscal and
regulatory regime in Mexico are likely to depend on how attractive the contracts in round one prove to be and the exploration
results in the blocks that are awarded. If bidding is competitive
in round one and significant discoveries are made, the government may offer tougher fiscal terms in future rounds. In contrast,
poor exploration results and lackluster participation likely
would spur the government to offer more attractive terms. Ì

MAERSK OLIE OG GAS A/S
Marathon Offshore
Investment Limited
Mitsubishi Corporation
Murphy Worldwide Inc.
NBL Mexico Inc.
Nexen Energy Holdings International
Limited
ONGC Videsh Limited
Pacific Rubiales E&P Mexico
Petrobral
Petroleo Brasileiro Mexico
(Petrobras)
Petroleos Mexicanos (Pemex)
PETRONAS Carigali International
Plains Acquisition Corporation
Premier Oil PLC
PTT Exploration & Production PCL
Sanchez Oil & Gas Corporation
Shell Exploracion y Extraccion de
Mexico
Sierra Oil and Gas
Sinopec International
Statoil E&P Mexico
Total S.A.

64 THE AMERICAN OIL & GAS REPORTER

ADRIAN
LARA

Adrian Lara is senior upstream analyst, Americas, at GlobalData Energy in New York. He directs the team in charge of
conducting quantitative and qualitative research on upstream
oil and gas activities in Latin America. Lara has several years
of experience as an oil and gas industry analyst, and previously held positions within the trading arm of Pemex, where
he focused on analyzing oil and gas fundamentals related to
upstream export strategies and international trading. He also
was a visiting research fellow at the Oxford Institute for Energy Studies, where his research focused on Western Hemisphere oil supply scenarios. Lara holds a B.A. in economics
and political science from the Instituto Tecnológico Autónomo
de México and an M.S. in mineral and energy economics from
the Colorado School of Mines, with a specialization in oil and
gas from the Institut Français du Pétrole.



American Oil and Gas Reporter - May 2015

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