Mexico awaits next oil round with cautious optimism

6/19/2017 Reuters

Oil barrelsMexico is looking forward to its next round of offshore oil auctions on Monday with guarded optimism thanks to robust interest from oil majors for the shallow-water tenders.

On Monday, Mexico auctions 15 oil and gas blocks along the southern coastal waters of the Gulf of Mexico in the next stage of the country’s historic opening of the industry following a 2013-14 energy reform.

In December 2013 Congress changed the constitution to end a 75-year production and exploration monopoly enjoyed by state oil company Pemex in a bid to reverse years of declining output.

Among the companies that prequalified to compete are Chevron Corp, ConocoPhillips, Eni SpA, Repsol SA, Royal Dutch Shell Plc, Total SA and China National Offshore Oil Corporation (CNOOC Ltd) .

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