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Oil firms face two-year wait to enter Mexico

Thursday, January 16, 2014

Oil companies will have to wait another two years before investing an estimated $20 billion in Mexico’s recently opened oil and gas industry.

Foreign crude producers will be allowed to bid on fields for exploration and begin developing infrastructure and operations as soon as late next year, Deputy Energy Minister Enrique Ochoa said.

Exxon, Chevron, Royal Dutch Shell and Repsol are among major producers that have expressed interest in Mexican oil fields.

Source: Bloomberg