A PYMNTS Company

Mexico: Big names show interest in government plans to break oil monopoly

By  |  December 14, 2014

As Mexican officials ready to break the nation’s 75-year-old oil industry monopoly, reports say major corporations from around the globe are showing interest in participating in the market.

    Get the Full Story

    Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.

    yesSubscribe to our daily newsletter, PYMNTS Today.

    By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions.

    The nation announced Thursday it plans to cap the number of shallow-water projects companies are allowed to bid on. Executives from Chevron and Exxon Mobil were among those present at the announcement, say reports.

    While officials have not revealed how much the government will retain in ownership, Mexico is already organizing initial contracts for the shallow-water projects for oil exploration and production.

    Mexico’s state-run Pemex became the target for a government shakeup as President Enrique Pena Nieto proposed legislation last year to allow competitors to participate in the industry.

    Full content: Reuters

    Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.