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Mexico's Round One Trion JV: first mover opportunity in the Perdido Area

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24 August 2016

Mexico's Round One Trion JV: first mover opportunity in the Perdido Area

Report summary

Mexico has announced Round One’s biggest prize. The Trion deepwater oil discovery, will be offered in tandem with the ongoing deepwater exploration round. The winner will acquire a 55% stake and operate, with Pemex retaining 45%. The closing date is 5 December 2016. If the government sets a reasonable bid range, we believe Trion will be awarded and expect first oil by 2022.

Table of contents

  • Bids are due on 5 December 2016
  • JV opportunities to be interspersed with Round One and Two phases
    • Similar fiscal terms to Round One's deepwater phase but with unique bidding variables
    • Trion offers attractive economics at lower bid levels
    • Significant exploration upside in combination with Round One's deepwater acreage
  • Fifteen companies meet operator criteria and are qualifying for the deepwater phase
  • Conclusion
  • Annex 1

Tables and charts

This report includes 5 images and tables including:

  • Mexico's Round One Trion JV: first mover opportunity in the Perdido Area: Table 1
  • Current deepwater (400 meters +) production of companies that meet operator criteria and are qualifying for the deepwater phase
  • Mexico's Round One Trion JV: first mover opportunity in the Perdido Area: Table 2
  • Required combinations of royalty bids and tiebreaker bids to achieve IRR thresholds
  • The bidding consortium pays most of the costs early on

What's included

This report contains:

  • Document

    Mexico's Round One Trion JV: first mover opportunity in the Perdido Area

    PDF 1.88 MB

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