Subsea UK leads trade mission to Mexico
UK subsea companies will be heading a trade mission to Mexico to match British expertise with the requirements of the country's emerging oil and gas sector.
Mexico energy reform
Mexico energy reform starts with thud in offshore oil auction
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. The auction was the first in a series that will help determine whether Mexico can reverse a decade-long decline in crude output and fulfill President Enrique Pena Nieto’s pledge to double the speed of economic growth. The output drop and an almost 50 percent plunge in oil prices during the past year had already forced Mexico to trim government spending and sweeten the contract terms for prospective bidders.