Gas production in Mexico and Trinidad is set to decline in 2017 partly because of the countries’ weakening economies.
Mexico is opening its upstream oil and gas sector to IOCs, but this is expected to create benefits only in the medium-to-long term. As part of the second phase of Mexico’s second bid round, the country has offered to share exploration risks with private companies in an effort to attract more international players. The round will offer nine blocks in the Burgos Basin, where the expected gas will come from condensate fields, and three areas in the south, which have oil and gas potential. Meanwhile, Mexico’s environmental agency is set to announce new guidelines for unconventional oil and gas development by the end of the month. The country is planning to conduct an unconventional bid round in October 2017.
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