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Mexico aims to soften terms for oil auctions

Tuesday, March 3, 2015

Mexico will alter terms of oil blocks being auctioned this year in response to criticism from prospective bidders that crude's rout made original requirements onerous.

Authorities will release new fiscal terms for shallow water contracts on Friday, Finance Minister Luis Videgaray said at an energy summit in London Monday. He spoke after BP Plc Chief Executive Officer Bob Dudley said terms “need to be a little more competitive,” echoing comments by Occidental Petroleum Corp. and Mexico’s Alfa SAB.

Source: Bloomberg