Auction bidders shrink as companies exit groups

Oil wells artsyBloomberg – Glencore, Noble Energy Inc. and Ecopetrol won’t participate in Mexico’s first-ever auction for oil blocks, after bowing out of groups planning to bid.

Mexico’s oil regulator authorized requests to restructure three of the seven groups already approved to participate in the July 15 event. Bangkok-based PTT Exploration & Production is also exiting the group that had included Ecopetrol.

That leaves 18 companies and seven groups planning to bid for rights to explore 14 shallow-water blocks in the Gulf of Mexico. The event is Mexico’s first after the government approved legislation last year to end state-owned Petroleos Mexicanos’s production monopoly and open the country’s energy industry to private competition.–noble-exit-groups/41533660

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