Big Oil Faces Two-Year Wait as Mexico Works on Contract Terms
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Oil companies from Exxon Mobil Corp. to Chevron Corp. will have to wait another two years before investing an estimated $20 billion in Mexico’s recently opened oil and gas industry.
Foreign crude producers will be allowed to bid on fields for exploration and begin developing infrastructure and operations as soon as late next year, Deputy Energy Minister Enrique Ochoa said in an interview at the ministry in Mexico City. Prior to granting the operating licenses, the legal framework has to be determined and state oil producer Petroleos Mexicanos must select the fields it plans to continue to develop, he said.