Pemex, Mexico’s state oil firm, on Tuesday announced it is seeking partners for a joint venture to develop two shallow-water oilfields in the Gulf of Mexico.
The JV is to develop the Avin and Batsil fields off of Campeche state. In the southern Gulf of Mexico. Expectations are high for the fields, believed to contain 46m barrels in proven reserves and possible as much as 158m.
Pemex used to have a monopoly position in domestic oil production but the Mexican government has been opening the industry up to competition since 2013, hence now the possibility of JV partners.
It is hoped by Pemex and the government that these partnerships can help revive declining output.
The successful partner in the Avin and Batsil shallow-water project should be announced in March 2017.
The announcement follows Mexican oil industry regulator CNH’s decision to allow potential Pemex partners in the Trion block development to bid singly, changing a requirement that bids should be by consortia of at least two firms.
Pemex’s Trion field partner is expected to be announced by December 5.