Mexico’s state oil firm Pemex has been granted a two-year deadline extension to invest in an array of oil and gas blocks, many of them offshore, according to Reuters.
In all, the extension, granted by the national government’s Energy Ministry, covers 101 blocks – offshore and on land – which were issued in 2014 under the national energy reform policy.
That policy essentially ends Pemex’s monopoly position in domestic production, but the company remains a big player.
The old leases were set to expire on Monday 28 August.
Under the original terms lease holders were required to invest in the blocks within three years or lose them.
Pemex had been hamstrung by market conditions and other factors which the Ministry took into account.
The reform era has seen Pemex seeking partners and entering into joint ventures with international companies on some developments.