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Mexican government to reduce Pemex investment

The Mexican government has announced that it will reduce its investment in state-owned company Petroleos Mexicanos (Pemex) by 20% in 2016. This will be the first time in 77 years that the producer will make room for foreign firms to bid for the right to drill in Mexican territory. The reduction in investment will force Pemex to accelerate the process of forming partnerships, analysts have said. Changes to the bidding process are thought to have encouraged more interest from companies in the country’s second auction, which was due to take place as Petroleum Review went to press at the end of September. However, it is thought that the major players are likely to stay on the sidelines until the deepwater block auctions next year. 

News Item details


Journal title: Petroleum Review

Countries: Mexico -

Subjects: Banking, finance and investment

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