October, 2015 – Mexico attempted to auction off nine fields in the shallow-water Gulf of Mexico in what analysts consider its best chance this year to attract private and foreign oil companies, which have been kept out for almost eight decades.
The fields have proven and probable reserves, meaning that commercial quantities of oil have already been found, and are in an area where production costs have traditionally been below $20 a barrel.
But damage from low prices is vexing the capital Mexico City in less visible ways: It is thwarting its historic, much-anticipated opening of the country’s oil industry to foreign companies. The sweeping energy reform has floundered as the entire industry frantically cuts back on the very sorts of projects Mexico is now offering them.
Wall Street Journal – September, 2015
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