MX today confirmed it has satisfied its initial obligations for its four land contract areas in Mexico.
The areas, which were awarded in the country’s first onshore licensing round in 70 years, have to date produced around six billion barrels of oil and currently produce around 70,000 barrels of oil per day.
Chief executive Stephan Oliver said: “We are pleased to report that we have satisfied our initial obligations in connection with our four land contract areas. As previously announced, the land contract areas include previously discovered but underexploited conventional fields as well as other already identified exploration targets, all of which have enormous potential for development. I look forward to providing further updates in due course.”
Contracts between the Mexican National Hydrocarbon Commission and companies awarded stakes in the round are expected to signed in the second quarter of this year.
Recommended for you
