Mexico oil rush attracts varied group of buyers

7/23/2017 Financial Times

Oil barrelsMexico’s oil sector has just become exotic.

From the president of Spanish football club, Real Madrid, to telecoms mogul, Carlos Slim, and companies called Jaguar Exploration and Sun God Resources, new buyers are piling into the country’s industry that for decades had been the undisputed territory of state oil group, Pemex. This month brought a particularly dramatic oilfield auction, with such intense competition that multimillion-dollar cash bonuses were needed to break eight tied bids, at times eliciting gasps from the audience because of their size.

The tenders came hot on the heels of a discovery that confirmed Mexico as containing world-class assets — a consortium including Talos Energy of the US, Mexico’s Sierra Oil & Gas and Premier Oil of the UK, announced the world’s fifth-biggest oil strike in the past five years, with as much as 2bn barrels of oil. The group has been exploring one of the only two blocks awarded in Mexico’s first tender, in July 2015.

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