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Failed Pemex auction puts pressure for reforms

Friday, July 12, 2013

Mexican state oil monopoly Pemex got a dismal response to an auction of contracts at one of its main oil fields on Thursday.

The result turns up pressure on the government to open up the industry to more private capital with an imminent reform.

Most bidders in the Chicontepec basin auction signaled they wanted a higher fee per barrel than Pemex would pay for the private contracting scheme to turn around part of the massive field, which has consistently fallen short of expectations.

Source: Reuters