Posted on August 26, 2015 by Grace Montealegre
For the first time in more than 75 years, Mexico’s National Hydrocarbons Commission (CNH) opened its waters to allow international seismic companies to shoot and sell acquired data, ahead of prospective new bidding rounds. The event is the first in a series of petroleum auctions that opened the energy industry, which is expected to bring in an estimated $62.5 billion by 2018 and increasing annual output by 500,000 b/d.
The invitation to bid commenced in December 2014 followed by the opening of the tender process in the first quarter of 2015. In late March, CNH provided data room access to approved parties, which opened the door to decade’s worth of seismic data for operators to assess before Round 1 commenced.
“We disclosed all the seismic information that has been kept confidential for decades,” Juan Carlos Zepeda Molina, president of CNH, stated at a Houston conference in March. Zepeda added that access to all available seismic data was expected to be made public this summer.
Mexican regulators offered permits after the application of nine major companies were submitted for new seismic testing, allowing seismic companies to sell the information for a specified number of years to potential investors with the understanding that it will eventually be made public.
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