Mexican Energy Reform Four Years On

On July 12 2017 a joint venture (consortium) formed by three participants, a Mexican, an American and a British company, announced its first discovery of oil reserves made in Mexican territory. The finding was made in the Zama-1 well, which is a shallow field situated at a depth of 166 meters and approximately 60km away from the port of Dos Bocas in the State of Tabasco. The finding was made nearly two years after the consortium was awarded the license to explore Block 2 (located in Veracruz) and Block 7 (where the Zama- 1 well is located) during the first round of public biddings that was held in July 2015. Both the blocks are located in the shallow water Sureste Basin in the Gulf of Mexico, the most productive hydrocarbon region in Mexican territory.