On September 30th, 2015, 9 bidders presented their proposals for
the second set of Hydrocarbons Extraction Contracts tendered by the
National Hydrocarbons Commission ("CNH"); the outcome was
remarkable and should dissipate the negative opinions that the
results of the First Call for Bids cast on the Mexican Energy
Reform.
Indeed, the first great act of opening of the Mexican E&P
industry to the private sector, which took place on July 15th,
2015, was underwhelming, to say the least. The First Call for Bids
of Round 1 resulted in only 2 out of 14 blocks being awarded, and
both to the same consortium formed by the Mexican company Sierra
Oil & Gas, S. de R.L. de C.V. (interestingly enough, a Mexican
company), Talos Energy LLC and Premier Oil PLC. The main cause
behind these unremarkable results was the fact that the Ministry of
Treasury and Public Credit ("SHCP") set forth certain
minimum values for the bidding variables which were not available
to the bidders prior to
