Mexico Blames Brazil For Failing Auction

The state-run oil company PEMEX blamed the failure of a recent deep-water Gulf of Mexico auction in the on competition from ongoing tenders in Brazil, according to a new report from Reuters. Weak investor appetite for Mexico’s blocks was also due to low oil prices, the company added, although 30 oil companies had at least started the pre-qualifying process. “(One) factor that affected appetite for new projects was the investment commitment recently taken on by possible bidders,” Pemex said in a statement. Fearing that interest…

Shares