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Mexico: Big names show interest in government plans to break oil monopoly

By  |  December 14, 2014

As Mexican officials ready to break the nation’s 75-year-old oil industry monopoly, reports say major corporations from around the globe are showing interest in participating in the market.

The nation announced Thursday it plans to cap the number of shallow-water projects companies are allowed to bid on. Executives from Chevron and Exxon Mobil were among those present at the announcement, say reports.

While officials have not revealed how much the government will retain in ownership, Mexico is already organizing initial contracts for the shallow-water projects for oil exploration and production.

Mexico’s state-run Pemex became the target for a government shakeup as President Enrique Pena Nieto proposed legislation last year to allow competitors to participate in the industry.

Full content: Reuters

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