A CNPC executive has confirmed that the company will compete for future oil and gas development rights in Mexico when they become available as early as the end of this year.
Gong Bencai, vice president of China National Petroleum Corporation’s CNPC America division, mentioned Mexico when asked at an energy conference in Peru if the company plans to participate in Latin America future bid rounds.
“Yes, we are ready to participate in the Mexico venture. This is a very big market in the international business,” Gong said.
Mexico’s energy reform to end the Pemex 75 year monopoly was approved in December of 2013.
The reform hopes to attract billions of dollars in foreign or private investment with new contracts auctioned off in public tenders.
“I think (the first international public tender) is going to happen by the end of this year,” said Gustavo Hernandez, Pemex’s top exploration and production executive.
CNPC has grown aggressively in Latin America in recent years and is now active in Venezuela, Ecuador, Peru, Colombia, Brazil, Cuba and Costa Rica.
Late last year, CNPC announced a complete acquisition of the Peruvian assets of Brazil’s state-run oil company Petrobras for $2.6 billion.