As Oil Prices Rise, Global Majors Eyeing Mexico's Deep Waters

November 13, 2017

The potential for 4.2 billion barrels of crude is the draw.  Exxon leads potential bidders lining up from the U.K. to China

As the price of oil rises, an international rush is on for Mexico’s untapped deep-water riches.

The who’s who of the oil world -- led by Exxon Mobil Corp and Royal Dutch Shell Plc, the world’s two biggest drillers by market value -- are lining up to bid in the country’s Jan. 31 deep-water auction. And the interest is international in scope, drawing Chevron Corp. from the U.S., the U.K.’s BP Plc, Norway’s Statoil ASA, France’s Total SA, Australia’s BHP Billiton Ltd, Russia’s Lukoil PJSC and China’s Cnooc Ltd, among others.

The total: 25 registered to bid for 29 deep-water plots across the southern Gulf of Mexico, the nation’s regulator said Thursday. It shouldn’t be a surprise. The areas up for grabs are estimated to hold as much as 4.2 billion barrels of crude oil in untapped deep waters where 76 percent of Mexico’s prospective resources may lie....

Read entire article at Bloomberg.com

 

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