Mexico approves offshore bidding rules

Mexico authorized preliminary bidding rules for new offshore blocks as the country prepares for an investment deluge in its recently opened oil industry.

Oil regulator CNH approved rules for 14 shallow-water exploratory blocks that will be auctioned to private companies by the end of July.

Setting the guidelines is the latest step in the country’s move to allow foreign companies to produce oil, ending a 76-year-old state monopoly.



Source: Bloomberg