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By Emily Pickrell
Sept. 30 — Mexico awarded three of its five offshore production fields on offer at its oil and gas auction, as energy officials and independent observers acknowledged the sale as largely a success, with the government share of potential profits topping 80 percent in each award.
The three winning bidders Sept. 30 were Eni International, an Italian oil and gas company, a consortium made up of Argentinian Pan American Energy and E&P Hidrocarburos y Servicios and a consortium that included Fieldwood Energy and Petrobal. Nine international companies participated in the auction out of the 14 companies that had been pre-qualified to take part.
“This is a signal of confidence in the institutions and the contractual structure we have created for the energy reform,” said Miguel Messmacher, the undersecretary for Revenue at Mexico's Treasury Ministry, which oversees the fiscal terms for contracts, at a press conference. “These offers and the number of participants, especially in a challenging world market, show that this is a clear success.”
Eni International offered the Mexican government 78.25 percent of oil profits for its Block One offer, more than doubling the 34.80 percent minimum profit oil share the government had requested. Eni International also offered a 33 percent increase over the minimum national content requirement the government had established and which is weighed as 10 percent of a bid's competitiveness.
The Argentinian Pan American Energy consortium gave the lone offer for Block 2: extending a bid of 68 percent oil profits and a 100 percent increase over minimum national content requirements. The Texas-based Fieldwood Energy consortium offered a 74 percent oil share and 10 percent national content increase.
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