Oil's Heavy Hitters Line Up to Dive Into Mexico's Deep Waters
- Mexico to auction 29 deep-sea exploration zones on Jan. 31
- Pemex, Exxon, Shell are among drillers contemplating bids
Photographer: Susana Gonzalez/Bloomberg
This article is for subscribers only.
If you’re a super-major oil explorer, Mexico says it’s got a bargain for you.
The once-giant crude nation whose output plunged in the past decade is enticing the world’s richest explorers with cut-rate prices for drilling rights to its most coveted offshore fields. The Jan. 31 auction for access to 29 deep-water tracts comes as $70-a-barrel crude lifts foreign drillers from the worst market slump in decades.