EnergyWatch

Exxon, Chevron set to bid in Mexico's Deepwater oil auctions

Seven groups and eight individual companies will bid next week for the right to explore for oil and natural gas. It is the first time the state-owned operator Petroleos Mexicanos will partner with private companies to develop crude in the Gulf of Mexico.

Chevron Corp. has joined forces with Petroleos Mexicanos and Japan's Inpex Corp. to bid next week for the right to explore for oil and natural gas, the first time the state-owned operator will partner with private companies to develop crude in the Gulf of Mexico.

Seven groups and eight individual bidders have been qualified to participate in the Dec. 5 auctions that include the Trion field joint-venture with Pemex and other 10 deepwater blocks, Mexico's National Hydrocarbons Commission announced in Mexico City on Monday. The regulator didn't specify which bids were for the joint venture or for the other areas.

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