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Brazil’s Oil Auction Will Compete With Upstart Mexico, ANP Says

Mexico opening its oil industry for the first time in more than seven decades is creating competition for Brazil’s auction later this year, said two top officials at the country’s oil regulator.

International oil companies with the technical and financial capacity to operate offshore projects will be reviewing what both countries offer, Helder Queiroz and Olavo Colela, officials at Brazil’s oil regulator, said in an interview Tuesday. While Mexico is giving foreign operators a first crack at a region with “immense potential,” Brazil offers contract terms known to bidders, Queiroz said.