ABC News- Mexico Opens Bidding for Oil Exploration

Mexico Opens Bidding for Outsider Oil Exploration

MEXICO CITY — Dec 11, 2014, 9:09 PM ET

By E. EDUARDO CASTILLO Associated Press 

The government announced on Thursday the start of bidding for oil exploration rights in 14 areas of the Gulf of Mexico being opened to domestic and international companies as Mexico ends a seven-decade state monopoly on the petroleum business.

Bidding will continue until July 15. Companies wishing to bid must meet a set of requirements, including showing their participation in at least three exploration projects and oil extraction of at least $1 billion and capital on hand of at least the same amount.

Mexico nationalized its oil industry in 1938. Prior to this year's reforms, the state company Petroleos Mexicanos was the only one allowed to do oil exploration and production.

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