US oil majors to make joint deepwater bid in Gulf of Mexico
25 August, 2016
ExxonMobil, Chevron and Hess have agreed to form a joint venture to bid in Mexico’s first ever sale of deepwater drilling rights in the Gulf of Mexico.
The consortium will bid for the rights to produce crude oil in the 10 areas up for auction on Monday 5 December.
Mexico aims to raise US$44bn (£33bn) from the rights, which are located in the Perdido area near the maritime border with the US.
According to Energy Minister Pedro Joaquin Coldwell, 76% of the country’s prospective oil reserves are located offshore in the gulf’s hard-to-reach deepwater areas.
This is first time the Mexican government has opened up its deepwater drilling auctions to foreign investment.