Mexico Energy Reform Starts With Thud in Offshore Oil Auction
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Mexico’s first auction of offshore oil leases fell short of the country’s expectations as several majors decided not to participate.
Only two of the 14 shallow-water blocks released on Wednesday received qualifying bids. Exxon Mobil Corp., Chevron Corp. and Total SA passed on the country’s sale of territory in the Gulf of Mexico, 77 years after the country nationalized crude. The 14 percent success rate was less than half the 30 percent to 50 percent goal that the government said would be its minimum for judging the event a success.