A trio of US oil companies, including two supermajors, has formed an alliance for the purpose of bidding for oil exploration rights in Mexico’s deep-water Gulf of Mexico auction in December, according to Bloomberg.
Irving, Texas-based Exxon, San Ramon, California-based Chevron and New York City-based Hess Corporation have formed a Joint Operating Agreement to team up for the auction, for which Mexico is expecting strong interest following a series of disappointing earlier auctions.
Mexican authorities are reforming their energy sector and gradually easing state oil firm Pemex out of its monopoly position. The aim is to improve efficiency in the industry by opening it up to foreign firms.
The December auction is for substantial parts of the Perdido area in the southern Gulf’s Cuenca Salina and Mexico hopes to raise $44bn.