offshore pemex cantarellInternational geological firms will soon be reviewing Mexico’s oil oil and gas reserves which will provide a more detailed understanding of it’s wealth in natural resources. As a result of Mexico opening its energy sector to foreign companies, the National Hydrocarbons Commissions has about two dozen companies requesting permission to conduct surface exploration including seismic studies that can reveal oil and gas deposits below the ocean floor or in onshore areas.

Some of those firms are expected to be cleared for exploration in coming weeks, in addition to four Norwegian companies that were cleared last week to cover nearly one-million square kilometers in the Gulf of Mexico. Those potential resources are estimated at about 112 billion barrels of crude-oil equivalent. Mexico’s proven oil and gas reserves stood at 13 billion barrels of crude equivalent at the beginning of this year.

Global geological firms can provide valuable information about deep waters of the Gulf of Mexico, where Pemex has done limited exploration and has no production. Some in the oil industry believe that Mexico’s side of the Gulf could be similar to the U.S. side, which remains one of the most attractive offshore oil plays in the world due to its new oil finds and infrastructure.

The hydrocarbons commission is in the early stages of the first round of oil auctions under the energy overhaul, with the first bids scheduled for July for shallow-water exploration. After shallow water areas, auctions will be held for onshore areas, blocks of extra-heavy oil in the Gulf, deep waters, and unconventional resources such as those found in shale-rock formations.

The commission is also preparing a plan for additional auctions over the next five years.

Mexico Infrastructure Projects Forum 2015 in Monterrey Nuevo Leon