Northcote Energy has said it is making progress with it plans to acquire onshore assets in Mexico via the Government’s ongoing licensing rounds.
The company is eyeing conventional concessions in Phase III of Round 1 of the National Hydrocarbons Commission’s (CNH) tender process.
In this third phase, 25 land contract areas in the states of Chiapas, Nuevo Leon, Tabasco, Tamaulipas and Veracruz will be awarded to companies that satisfy the pre-qualification requirements and win the subsequent tender process.
Following its initial evaluation of the available fields, Northcote has submitted its pre-qualification filing for approval by the CNH and has assembled a multi-disciplinary team to evaluate the available opportunities.
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.
Managing director Randall Connally, said: “We are very excited about the potential inherent in many of the oil and gas fields we have evaluated to date and are finding interesting opportunities and upside that we believe we can exploit with the top tier, multi-disciplinary team of oil and gas professionals we have secured for this venture,”
Newport said:“This CNH bid round for onshore assets represents a timely and strategic entry point for Northcote into the upstream oil and gas sector in Mexico.
“The management team is currently working to secure development assets from this round to build a platform upon which the company may further grow its Mexican upstream business in partnership with the Government of Mexico, industry regulator CNH and other Mexican industry partners.
“The strength and track record of the Northcote team in the development of oil and gas assets from well-head to customer and skill in developing emerging energy markets has the company well positioned to become a significant and successful contributor to the energy industry in Mexico in the near term.”
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