Friday, March 27, 2015

RIGZONE - Mexico's First Oil Tender to Feature Extended Exploration Period

RIGZONE - Mexico's First Oil Tender to Feature Extended Exploration Period: "MEXICO CITY, March 25 (Reuters) - As Mexico opens up its oil sector to private producers for the first time in decades, the initial set of contracts up for grabs later this year will feature extended exploration periods, the country's oil sector regulator said on Wednesday. The change to the draft production-sharing contracts for 14 shallow water exploration projects will allow companies another year to satisfy requirements that they drill a field's first test wells, said Juan Carlos Zepeda, head of Mexico's national hydrocarbons commission. "In this new version ... the exploration phase will be four years instead of three with a possible extension of two years," said Zepeda, before the change was approved by the commission."

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