Insight

Mexico's Round One deepwater exploration: big Gulf of Mexico opportunities

14 January 2016

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14 January 2016

Mexico's Round One deepwater exploration: big Gulf of Mexico opportunities

Report summary

The deepwater phase of Round One was launched on 17 December 2015 and will close sometime late-2016. We believe it will see high interest, particularly by Majors and Asian NOCs. Companies have been waiting for years to replicate the success achieved across the border. This phase offers ten blocks in the Perdido and Salina del Istmo regions. Thanks to the phased roll-out of Round One, the government has had the chance to learn from previous mistakes and incorporate industry feedback into the deepwater license contract.

Companies will have at least nine months of data room access
Qualifications are stringent due to high costs and technical challenges
Attractive license regime will be used
- The adjustment mechanism works as a windfall tax for unusually high profitability
Large companies have been waiting for this phase
- Majors have already spent billions on exploration and developing projects across the border
- Asian NOCs want access to the resource base
- A select group of Independents may want to showcase their expertise in deepwater
Conclusion

Tables and charts

This report includes 5 images and tables including:

Mexico's Round One deepwater exploration: big Gulf of Mexico opportunities: Table 1
Ten deepwater blocks on offer
Maximum additional royalty depending on R-Factor
US GoM largest 20 fields run under Mexican license regime
Fiscal regime comparison of deepwater terms