Mexico opens up its oil industry to foreign investors

  • The Mexican government has gone ahead with the sale of 14 oil exploration blocks situated in the Gulf of Mexico, thereby opening up the country’s oil industry to foreign investors for the first time in nearly eight decades. But only two blocks were sold, with the auction falling short of expectations.

    Mexico, which was earlier the fifth biggest oil producer in the world, has now fallen to tenth place. Inefficiency and corruption at Pemex, the state-owned oil firm, may have led the government to consider private investment.

    Tagged as: Mexican government, oil exploration blocks, Gulf of Mexico, oil industry, foreign investors, auction, oil producer, Pemex, business news