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Mexico's oil hope suffers serious backlash from oil companies. Government auction to tender oil and gas blocks suffered serious hit. Notably it was Mexico's first oil and gas tender in history.
- No large scale major oil companies were seen bidding for Mexican assets.
- Moreover just two of the 14 shallow-water exploration blocks were awarded.
- 8 of the 14 blocks, suffered no bids at all.
- Remaining 4 blocks, saw bid below government threshold, so they were cancelled.
The auction was a serious back lash to Mexican government, which was hoping for reforms and more competition in the sector.
- Consortium made up of Sierra Oil & Gas of Mexico, Talos Energy of the US and the UK's Premier Oil, scooped two blocks.
- ONCG Videsh of India, which bid on two blocks, saw the bids disqualified for failing to clear a government threshold. A consortium of Murphy of the US and Petronas of Malaysia also bid too low on two blocks.
Auction shows, that oil companies are not so keen on grabbing assets, amid weak energy prices. North American benchmark WTI is currently trading at $51.9/barrel, down more than 50% from 2014 peak.
This makes, Mexican Peso extra vulnerable against dollar. USD/MXN is currently trading at record high of 15.8.
