Mexico’s President Calls for Oil Bid Hiatus Until Companies Show Results

This may be good news for Brazil

Mexico’s newly inaugurated president Andres Manuel Lopez Obrador is turning up the heat on foreign oil companies to show results before he holds new auctions.

“We can’t continue giving oil territory if there’s not a more significant investment” from foreign oil companies in Mexico, he said in a press conference on Wednesday in Mexico City, noting that new oil auctions will be suspended for at least three years. “What we want is that they demonstrate that they will invest and produce oil from these contracts.”

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