9th Oct 2015 06:41
LONDON (Alliance News) - Northcote Energy Ltd on Friday said it has submitted its pre-qualification filing so that it can participate in phase three, round one of the Mexican licensing round.
The Mexican energy sector has recently been re-opened to foreign companies, allowing them to own, develop and produce from oilfields after 76 years of state monopoly.
The oil and gas company said it has submitted its pre-qualification filing for approval by the National
Hydrocarbons Commission.
In this licensing round, Mexico is offering 25 land contract areas in the states of Chiapas, Nuevo
Leon, Tabasco, Tamaulipas and Veracruz.
They will be awarded to companies that meet a certain criteria including experience in working with state-owned oil companies, experience in developing onshore fields and an overall good track record. Companies also will need experience in the implementations of the industrial management security system and environmental protection related to a project.
There are also certain financial requirements that companies participating in the licensing round must meet.
Northcote said it has analysed the fields on offer and assembled a custom team to evaluate the opportunities.
"In pursuing this opportunity, the company has custom assembled a multi-disciplinary bid team to evaluate the fields. Heading this team is seasoned international oil and gas professional, Christopher Newport who, subject to a successful bid, will serve as president of Northcote Energy's Mexican upstream oil and gas business," it said in a statement.
Newport has over 30 years experience in the upstream, midstream and downstream segments of the industry, it said.
"This experience, combined with the proven track record of the assembled team, position Northcote to evaluate, bid and if successful, secure assets in this bid round and bring those development oil and gas assets to production," said Northcote.
The licensing round is expected to be completed before the end of 2015.
The other London-listed company pursuing the Mexican energy sector is MX Oil PLC, which also is participating in phase three, round one of the licensing round, chasing 100.0 million barrels of oil.
On Tuesday, MX Oil, along with partner Geo Estratos, said it plans to bid on five concessions and also confirmed it had submitted its pre-qualification filing to authorities.
By Joshua Warner; [email protected]; @JoshAlliance
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