Mexico kicked out foreign companies 77 years ago, but just last Wednesday the tables seem to turn as its government auctioned 14 exploration blocks to attract international energy companies, which will hopefully redeem the country's dwindling production.
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Two big trades in oil options worth nearly $60 million last week boosted volatility in that market and revived speculation among traders that U.S. producers are placing hedges to guard against another price rout this fall.
Pemex is set to launch its first-ever sales of gasoline mixed with cleaner-burning ethanol to reduce greenhouse gas emissions, the Mexican state-run oil company said on Thursday.
The allure of investing in Mexico's historic oil sector opening has been dimmed by the plummeting price of crude, putting pressure on the government to offer bigger incentives to private investors in the first major round of contracts up for grabs.
Mexico's Grupo Aleman, which owns the airline Interjet, on Wednesday said it has agreed to buy Oceanografia, the bankrupt oil services company at the center of a loan scandal that cost Citigroup more than $500 million.
Washington is facing growing international pressure to ease its long standing ban on crude oil exports, with South Korea and Mexico joining the European Union in pressing the case for U.S. oil shipments overseas.
Mexico-based state oil company Pemex will shell out $475 million to acquire and revamp a Veracruz-based fertilizer production plant in a deal that would allow the firm to supply 75% of Mexico's demand for urea.
A final deal between Repsol and YPF on compensation for the seizure of the Spanish oil major's stake in its Argentine counterpart is likely before the year-end, a Pemex board member at Repsol said in an interview on Saturday.
