China stakes claim in Mexico oil opening

Mexico on Monday auctioned eight out of ten deep water oil and gas blocks up for grabs in the Gulf of Mexico, and scored a joint venture for a major crude field in the most hotly-anticipated round of the country's energy opening so far.

China's Offshore Oil Corporation took two of the eight blocks, while Australia's BHP Billiton outbid Britain's BP in a bid to partner with Mexican state oil firm Pemex in the promising Trion light oil field in the Gulf of Mexico.

Source: Reuters