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Mexico is ready to invest in oil & gas exploration

Image: BP

Dr. Aldo Flores-Quiroga, Deputy Secretary of energy for hydrocarbons in Mexico, stated on the opening day of Offshore Technology Conference 2017 (OTC 2017) that Mexico is ready to invest in oil & gas exploration.

For 80 years, oil & gas exploration, production, infrastructure and retail has been a monopoly in Mexico, but the scenario has changed - several foreign companies are interested in entering the market to explore Mexico’s soil. 

Only last year, US$70 billion has been offered for potential investments on the area and in March, the first foreign-owned gas station was opened in Mexico City. 

Dr. Flores-Quiroga announced an updated five years plan, with a standard deepwater block size of 1,000 square kilometers, a regular schedule, a transparent nominations process and on-demand access to seismic data.

The first auction of the new 5 Years Plan will take place at the end of the year, offering 509 offshore blocks, spread across 82 production fields in the Gulf of Mexico, 119 located in deepwater. More information about specific blocks will be announced in June 2017.

Up from next year, two tenders will be offered per year. In the first six months, bids will focus on shallow water and onshore conventional, whereas on the second semester, Mexico will accept bids for deepwater and unconventional plays. 

At OTC 2017, Jerome Cuny, Open Ocean’s CEO, presented a paper entitled “Innovative methodology to compute extreme values associated with hurricanes”. 

Open Ocean has developed a new methodology to improve the accuracy of extreme value analysis through a regional analysis that increases the hurricane impact sample size.

This new approach can be applied to any site affected by super storms (hurricanes, typhoons,...). Contact us if you would like us to apply that methodology for your offshore site of interest.