Mexico Says Deepwater Oil Tender Doomed By Brazil Competition

Mexican national oil company Pemex on Dec. 8 blamed the cancellation of a potentially lucrative deepwater Gulf of Mexico project on weak investor appetite due to competition from recent auctions in Brazil and low oil prices.

The country’s oil regulator on Dec. 7 canceled a tender for its Nobilis-Maximino project, a joint venture with Pemex, as company interest was not as robust as initially expected.

On Dec. 8 Pemex cited a late October deepwater oil auction in Brazil for lessening interest in its project. Six of eight blocks in Brazil were awarded to majors, including Royal Dutch Shell and ExxonMobil.

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