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Mexico oil sector sees most successful auction so far

Mexico oil sector sees most successful auction so far, contracts all 25 blocks for exploration

Mexico oil sector sees most successful auction so far

MEXICO CITY (AP) -- Mexico's third auction opening oil and gas blocks to private investment has been the most successful yet, with all 25 blocks drawing bids.

Officials have awarded exploration and production rights to mostly Mexican companies, as well as one Canadian firm plus consortiums involving U.S. and Dutch investments. No major multinational oil companies participated in the bidding Tuesday.

In the country's first two auctions earlier this year, many blocks received no bids, making predictions cautious.

The 25 leases are all onshore and concentrated in the Gulf coast states of Tamaulipas, Veracruz and Tabasco as well as Nuevo Leon in the north and Chiapas in the south.

In 2014, Mexico implemented a historic overhaul of its petroleum industry, putting an end to a state monopoly that had persisted since nationalization in 1938.


Updated : 2021-09-23 15:04 GMT+08:00