Mexico deepwater: five years after the last licensing round

Five years have passed since Mexico’s last deepwater round, and the country has assigned exploration contracts to a diverse pool of IOCs. Since then, the current government canceled the expected new licensing rounds, but the existing contracts continued their work with their E&A activities. Pemex shifted its interest into onshore and shallow water. Throughout two licensing rounds, the country secured contracts in 27 deepwater blocks and successfully found a partner for Pemex in the Trion joint venture. The awarded blocks offered a committed investment of more than US$1.8 billion and 32 E&A wells to drill by the end of their first exploration periods in 2023.