MEXICO SETS RULES
Mexico has unveiled long-awaited initial contract terms for the first 14 oil and gas areas it is auctioning in a historic tender round starting next year. They impose a ban on oil majors teaming up to bid and a five-block limit on bids from any company or consortium.
"The day has come," Pedro Joaquín Coldwell, energy minister, told a packed hall of oil executives, financiers and analysts gathered to hear the auction rules . Mexico expects investment of some $1bn per block and future production of more than 80,000 barrels a day from the 14 areas.
With production costs of around $20 a barrel in the shallow-water…
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