Demand at Mexico onshore oil and gas auction spurs output hopes

7/13/2017 Reuters

energy- oil pumps 2MEXICO CITY, July 13 (Reuters) – Mexico auctioned 21 of 24 onshore oil and gas blocks on offer on Wednesday to investors from North America and Asia including tycoon Carlos Slim and Mexican newcomer Jaguar, anticipating a substantial boost for natural gas output.

Monterrey-based Jaguar Exploracion y Produccion de Hidrocarburos took a stake in over half the areas awarded, which the oil industry regulator said would eventually yield around $2 billion in investments over the 30-year lifespan of the contracts.

A tie-up of Canada’s Sun God Energia and Jaguar won six out of 10 areas available in the first of two tenders on Wednesday, the sixth and seventh auctions since a 2013-14 energy reform.

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