Few Big Foreign Firms Bid in Mexico's First Oil Auction | White & Case LLP International Law Firm, Global Law Practice
Few Big Foreign Firms Bid in Mexico's First Oil Auction

Few Big Foreign Firms Bid in Mexico's First Oil Auction

In the first sale of Mexico's oil-drilling auction, large oil companies did not make any bids on the 14 shallow-water blocks.

White & Case partner Daniel Sanchez told AFP that it was not surprising that big oil firms stayed out, "as they will prefer to wait for the more lucrative deep-water oil auction a few months from now."

"It was expected that these big companies would show very little attention," Sanchez said. "They came in (to the first round) to get to know the process. It doesn't mean that there's not interest. It means that they are well focused somewhere else."