Project

EXPLORATION AND EXTRACTION OF HYDROCARBONS IN SHALLOW WATERS OF THE GULF OF MEXICO CORRESPONDING TO ROUND 3, TENDER 1, AREA 13 (BURGOS).

Sector: Hydrocarbons

PROJECT COMPLETED, CANCELED, OR WITHOUT CURRENT OR CONFIRMED INFORMATION

Last Revision

December 16, 2024
Round:
Round 3, Tender 1, “Shallow Waters”
Short Name of the Project:
0647 Round 3, Tender 1: Area 13, Burgos
Type of Investment:
Archived Project
Subsector:
Upstream
Asset (s):
 Oil Field 391.90 Km2-Light oil, -Humid gas 
Contract Currency:
US Dollars
Estimated Investment MXN:

223,883,733

Estimated Investment USD:

13,092,616

Exchange rate (USD/MXN) used by the Ministry of Finance for the economic plan 2024: $ 17.1
Contract Scope:
  Exploration,  Extraction
DISPLAY ALL

DESCRIPTION
On August 19, 2021, the Contractor submitted to the CNH the notification of irrevocable resignation of the entire contractual area. By Resolution CNH.13.08/2023 dated June 1, 2023, the early termination procedure for resignation of the entire contractual area of ​​the Contract for the Exploration and Extraction of Hydrocarbons under the Sharing Production in Shallow Waters modality CN H-R03-L01-AS-B-60/2018 is concluded.

Joint production contract CNH-R03-L01-AS-B-60/2018 for the exploration of hydrocarbons in shallow waters, in an area of 391.9 km2 in the oil province of Burgos for the extraction of light oil and wet gas.

Main Features:
- Geological Province: “Cuenca de Burgos”
- Age (s) of play: Late Jurassic-miocene
- Lithology (s): medium grain sand-grainstone of oolites
- Type of Hydrocarbons: Light oil and wet gas
- Prospective Resources of Burgos Sector (of the 14 contractual areas): P90: 668 million barrels of oil equivalent (mmboe), P50: 3,002.3 mmboe and P10: 13,433 mmboe

LEGAL AND FINANCIAL STRUCTURE
Type of Project
  Public / Private
Type of Contract
  Shared Production
Term
30 years
Selection Process
International Open Tender
Details
Financing Sources
Private
100 %
MXN
242,213,396
USD
13,092,616
Payment Source
Project revenues
Revenues will come from the commercialization of hydrocarbons.

STATUS
Stage
  Execution
RELEVANT DATES
Request for proposals/Announcement September 29, 2017
Proposals Reception March 27, 2018
Ruling April 02, 2018
Contract Signing June 27, 2018
Execution/Construction Starting Date June 27, 2018
Term of the Contract June 27, 2048
Contractor
Premier Oil Mexico Recursos  
Major Contractor’s Shareholders
Premier Oil Mexico Holdings Limited y Premier Oil Group Limited

GEOLOCATION
State(s)
Shallow waters of the Gulf of Mexico   
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Entity in charge of controlling the possession of communal land, as well as providing documentary legal security derived from the application of the Agrarian Law, and is the operator of the Geospatial Information System (SIG).

SPONSOR
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Entity
Comisión Nacional de Hidrocarburos
Department
Dirección General de Contratación para la Exploración y Extracción
E-mail
contacto@cnh.gob.mx
WebsiteInstitutional Arrangement

ADDITIONAL INFORMATION
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Source
National Hydrocarbons Information Center
Description
It is in charge of promoting and sharing the knowledge of the subsoil to foment the activities of exploration and extraction of hydrocarbons.
Hydrocarbons map
 Investments
 Additional informationAdditional information
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Source
Comisión Nacional de Hidrocarburos
Description
Regulatory entity with technical autonomy, responsible for the organization of tenders, and execution of contracts related to the exploration and extraction of hydrocarbons.
Project Website
 Data sheet
 Results
 Signed contract
 1st Amending agreement
 Start of Early Termination Procedure

MULTIMEDIA

REMARKS
The estimated investment amount refers to approved investments, which are those that operators estimate they will carry out in the various plans, as applicable (exploration, evaluation, and/or development).

Oil and gas exploration and extraction contracts may or may not generate revenue if the operator finds commercially extractable resources in the assigned area. In case the operator finds and extracts hydrocarbons, he must pay the State the percentage of production that he offered in the tender, once costs are recovered.

The State is partner with the contractor. The contributions to the State are:
1. The Contractual Fee for the Exploration Phase
2. Royalties
3. Operating profit, a percentage is shared with the investors

It is important to clarify that all the exploration risk is assumed by the operator, that is, if the assigned operator does not find economically viable hydrocarbons to be extracted, the Mexican State has no payment obligation.
0646 Ronda 3, Licitación 1: Área 12, Burgos 0649 Ronda 3, Licitación 1: Área 15, Tampico-Misantla-Veracruz

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