First Phase of Historic Mexico Oil Auction Misses Expectations
investment. Both the shallow water exploration and production contracts were awarded to the same consortium made up of Mexico's Sierra Oil & Gas, U.S. firm Talos Energy and Britain's Premier Oil. The other 12 blocks received no bids, or none that cleared the bar set by Mexico's finance ministry. All told, it was an inauspicious start to the rollout of President Enrique Pena Nieto's signature economic reform. In the second block up for grabs, the consortium offered 55.99 percent of pre-tax profits to the state, plus a 10 percent additional work program commitment.
Mexico Lifts Bidding Limits for First Batch of Oil Tenders
and foreign companies, the national hydrocarbons commission, or CNH, eliminated caps on how many contracts firms can bid on. It also reversed a rule that would have required them to destroy the geological data they purchase for fields they are not ultimately awarded. The CNH voted to give the Finance Ministry more oversight over the long-term development plans and annual work program budgets of each contract. "The modifications strengthen the control of the state and oversight of the contracts, as well as make the contracts more flexible in recognition of geological reality and market conditions
Britain Mulls North Sea Energy Tax Breaks
ritain is considering reducing the tax bill for oil explorers in the North Sea, including a proposal from the industry to halve rates, to help revive an area already in decline before the recent oil price falls, the Sunday Times said. Talks between the country's finance ministry and the industry, led by the trade body Oil & Gas UK, have focused on some key proposals, with one involving scrapping the 30 percent supplementary corporate tax levied on top of the 30 percent basic rate for the industry, the newspaper said. The number of wells drilled in the North Sea last year - 13 to
China to Step Up Ocean Research as Russia Cuts Arctic Budget
research. In Russia, according to Arctic-Info the finance agency has reduced funding for projects of the Ministry of Natural Resources in the Arctic in 2014. Given the importance of the works in the Arctic zone of the Russian Federation controlled by the Ministry of Natural Resources, the Finance Ministry has promised to partly continue funding. Citing an announcement by the press service of the Ministry of Finance, Arctic-Info reports that in accordance with the Federal Law of December 2, 2013 No. 349-FZ – 'On the federal budget for the period 2014 and 2015 and 2016 planning period'
February 2025
