Mexico faces test of commitment to opening oil industry

Reuters, 8/22/2012

Mexico is the world’s No. 7 oil producer but production has fallen sharply in recent years. In a bid to shake up an industry under state control since 1938, the government has allowed private companies to operate — but not own — seven oil fields scattered around the country.

The experiment stumbled when Pemex PEMX.UL failed to award two offshore oil fields to private operators in June auctions, rejecting all bids for one field as too expensive and receiving no bids at all for another.

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