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Exxon, Chevron, Hess in Joint Bid for Mexican Oil

  • Mexico to auction rights to 10 deepwater oil fields on Dec. 5
  • Companies have until Nov. 18 to report bid groups to regulator
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Source: Getty Images
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Exxon Mobil Corp., Chevron Corp. and Hess Corp. have agreed to bid together for rights to drill for crude in Mexico’s deepwater oil areas, according to a person with direct knowledge of the plans.

The three U.S.-based producers have reached a Joint Operating Agreement, which allows the consortium to bid to produce oil in the 10 areas up for auction on Dec. 5, according to the person, who asked not to be identified because the information isn’t public. A Joint Operating Agreement is a contract that establishes the role and obligation of each company in the accord, and designates the party that will act as the operator of a production area should it be awarded in the auction.