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April 20th, 2024 | 6:48 AM ET

The Future of Mexican Oil

Posted: September 6th, 2015

Having begun transforming its energy sector, the Mexican government is learning the ups and downs of opening its oil resources to foreign companies.  In July, Mexico held its first round of bidding on oil blocks made available to foreign companies.  The auction followed radical changes to the nation’s constitution enacted in 2013—changes that ended an almost 80-year state monopoly on oil.

The Mexican government had hoped to sell 30-50 percent of the 14 available blocks in this first round, but it only successfully auctioned two. Stringent requirements for bidders, the anticipation of future auctions, and the recent drop in oil prices deterred many companies.  Other companies failed to meet necessary minimum bids.

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