Published On: Thu, Dec 29th, 2016

Mexico delays next phase of oil and gas auctions by three months

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Mexico will delay until June 19 the announcement of winners for the next phase of its oil and gas sector opening to allow more companies to take part and to incorporate modifications suggested by industry, the Finance Ministry said on Thursday.

“The adjustments meet Mexico’s interest to guarantee greater involvement of companies in this auction,” the ministry said in a statement. “The adjustments also include the recommendations of industry aimed at increasing competition and investment.”

Mexico had planned to announce the winners of the first phase of the so-called Round Two tender, which includes 15 shallow water areas in the Gulf of Mexico, on March 22.

Oil drilling activity in Campeche has declined with the drop in oil prices.(PHOTO: contralinea.com.mx)

Oil drilling activity in Campeche.(PHOTO: contralinea.com.mx)

Earlier this month, Mexico auctioned off various deep water oil fields to investors from around the world, part of its drive to bring private sector capital into the industry. (Writing by Dave Graham; Editing by Bill Trott for REUTERS)

Source: http://www.reuters.com/article/mexico-oil-idUSL1N1EH0VO

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