3629675
Description
Mind Map by Jorge Padilla1807, updated more than 1 year ago
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Created by Jorge Padilla1807
about 9 years ago
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Successful Auction for Oil Drilling
Rights in Mexico Follows Weak Debut
- The Mexican government put five production
blocks up for bid and awarded contracts for
three, well above the average for similar
auctions in Latin America.
- Mexico has ended more than 75 years of a state
monopoly to invite in foreign investment in an attempt to
end a decade-long decline in oil production.
- With the blocks auctioned on Wednesday holding probable reserves,
production is expected to begin as early as 2020, according to Pablo
Medina, an analyst at Wood Mackenzie, an oil consultancy.
- Adding the right to explore for new oil as well as
pumping oil from the existing reserves
- His time around, the National Hydrocarbons
Commission in Mexico relaxed many of the rules and
gave companies two weeks’ advance notice on the
minimum price that it would accept
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