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LatinNews Daily - 20 June 2018

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In brief: Mexico

* The Mexican government has set terms for the public tender of 37 oil blocks that will be auctioned off on 27 September, as well as seven other blocks in which state-owned oil company Pemex is looking for a partner. Oil blocks in the onshore Sabina-Burgos block located in the northern states of Coahuila, Nuevo León, and Tamaulipas will be subject to maximum 25% royalties, while maximum rates in the onshore Tampico-Misantla and the southeast basin, located in Veracruz and Tamaulipas states, were set at 40%. Pemex partnership agreements, known as ‘farm-outs’, will be subjected to 6% or 15% royalties during another tender due to be held on 31 October. Under the terms, winning bidders will also be liable to pay Pemex for any work that it has previously carried out to develop the areas, a sum that ranges from US$5m to US$146m. Royalty rates were set by the federal finance ministry (SHCP), and the latest figures were announced during a meeting of the national hydrocarbons commission (CNH). These blocks will be the last ones offered by the government led by President Enrique Peña Nieto, who will leave office in December after the 1 July general election. Current frontrunner in the presidential race, Andrés Manuel López Obrador of the leftist opposition Movimiento Regeneración Nacional (Morena) party, has promised to revise each oil contract signed by the Peña Nieto administration and suspend planned tenders for the rest of the year if he wins election.

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