PTTEP looks to expand deepwater profit area exploration in Mexico.

On January 31, 2018 the National Hydrocarbons Commission (“CNH”) conducted the long-awaited event for submission and opening of bids for the Deep Water “Round 2.4” E&P license contracts. The bid round comprised 29 offshore deep waters blocks and the overall result was very successful for Mexico.

In total, 19 contracts were awarded to 11 companies from 10 different countries. Bidders committed to drilling 23 exploration wells and $525 million was committed in cash bonus payments, which when bids are finalized would go into the Mexico Sovereign Oil Fund.

PTT Exploration and Production Public Company Ltd. (PTTEP) had been awarded Block 12 and Block 29.