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Mexico: Gov to auction oil and gas blocks

By  |  December 5, 2016

In a highly anticipated opening to foreign oil companies, Mexico is holding its first auction of deepwater oil and gas blocks on Monday. Investors will be watching the results closely as a measure of the energy overhaul’s success.

The deep waters off Mexico’s Gulf Coast are believed to hold important reserves of oil and gas, but Mexico’s longtime national oil company Petróleos Mexicanos, or Pemex, does not have the capital or expertise to develop them.

Four blocks are being offered in an area just south of American waters and another six blocks are in the southern Gulf of Mexico. An additional block is licensed to Pemex, and companies will also be bidding for the opportunity to develop it in partnership with Pemex.

Full Content: New York Times

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