Mexico’s state oil company Pemex awarded its first ever incentive-based oil production contracts Thursday. The awards, for six mature onshore fields in three blocks, saw UK-based services group Petrofac and a little- known local group win the contracts with very aggressive bids. The new contracts are the most important element of an oil sector reform package approved by Mexico in October 2008 (OD Oct.29’08). They offer the contract-holders a fixed per-barrel payment, plus bonuses for any oil produced above an agreed volume.
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