Pemex’s Third Bid Round: Chicontepec

The Pemex auctions, held in Poza Rica on July 11, 2013, were for six blocks for which 16 companies had qualified as bidders. The outcome of the bidding was unusual in a number of ways:

  1. The three largest blocks by 3P reserves did not receive bids.
  2. The bids on the other three blocks revealed two strategies (Fig. 1).
  3. One bid was probably the lowest in the history of the oil industry: US$0.01/bbl.
  4. None of the three winners has experience as an operator of an oilfield.

Two bidding strategies Chicontepec

Market Note 171, “Pemex’s Third Bid Round: Chicontepec,” issued July 17th, examines these problematic commercial and policy dimensions of the Chicontepec auction. The table of contents and summary of this report may be downloaded here.

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MEI Market Note 171: Pemex’s Third Bid Round: Chicontepec

Written by

George Baker

Baker & Associates offers niche-market business and policy intelligence related to Mexico's oil and gas, power and chemical industries. Over 1,000 reports have been issued in the last 20 years. Subject matter expert and publisher George Baker, who directs the firm, has carried out consulting assignments starting in the late 1970s at the height of the Oil Boom in Mexico. He brings bilingual and bicultural skill-sets to understanding and responding to challenges of business and public policy, coupled with a deep familiarity with the history and idiosyncrasies of the Mexican operating environment.

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