Mexico Battles Bad Timing in 1st Sale of Oil Fields Since 1930s
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Mexico waited 77 years to invite foreign oil producers back into its borders. That was one year too many.
The move to lure tens of billions of dollars from the likes of Exxon Mobil Corp. will be put to the test for the first time at an oilfield auction on Wednesday. With oil prices down by about half since last year, five of 38 potential bidders including Glencore Plc, Noble Energy Inc. and even Mexico’s state-owned oil producer have pulled out.