MEXICO CITY, Dec 09, 2003 (Cronica/Corporate Mexico by Internet Securities, Inc. via COMTEX) -- Petroleos Mexicanos (Pemex) signed the Multiple Service Contract (CSM) yesterday granting the rights to the non-associated natural gas exploration and exploitation projects in a large block of the Cuenca de Burgos. The contract, the fourth granted under the CSM program, is for an area near Mexico's northern border known as Fronterizo that includes parts of Tamaulipas, Coahuila and Nuevo Leon.
Pemex signed the agreement with an international consortium including Petrobras of Brazil, Teikoku Oil Co. of Japan, and the Mexican firm D&S Petroleum. Pemex said that Fronterizo will attract US$265 million in investments and will help increase domestic natural gas production.
The 15-year contract calls for more than 100 wells to be dug and an annual natural gas production of 24 million cubic feet per day.
The next block, known as Olmos, will be bid upon on January 14.
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