Successful Auction for Oil Drilling Rights in Mexico Follows Weak Debut

Jorge Padilla1807
Mind Map by Jorge Padilla1807, updated more than 1 year ago
Jorge Padilla1807
Created by Jorge Padilla1807 almost 5 years ago
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Mapa Mental 1 de Octubre del 2015
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Successful Auction for Oil Drilling Rights in Mexico Follows Weak Debut
1 The Mexican government put five production blocks up for bid and awarded contracts for three, well above the average for similar auctions in Latin America.
2 Mexico has ended more than 75 years of a state monopoly to invite in foreign investment in an attempt to end a decade-long decline in oil production.
3 With the blocks auctioned on Wednesday holding probable reserves, production is expected to begin as early as 2020, according to Pablo Medina, an analyst at Wood Mackenzie, an oil consultancy.
4 Adding the right to explore for new oil as well as pumping oil from the existing reserves
5 His time around, the National Hydrocarbons Commission in Mexico relaxed many of the rules and gave companies two weeks’ advance notice on the minimum price that it would accept
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