Mexico on 5 December awarded eight of the 10 deepwater blocks on offer in a long-awaited auction, and farmed out the promising Trion discovery. China’s state-controlled CNOOC won two blocks in the coveted Perdido fold belt in the Gulf of Mexico. The company was the only winner to bid alone, rather than as part of a consortium. It secured block 1 with an aggressive bid of 17.01pc in additional royalties, ahead of Mexico’s state-owned Pemex, which trailed way behind with a bid of 6.65pc. CNOOC also won block 4 with a royalty bid of 15.01pc. Both blocks are expected to hold mostly extra-light oil.
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