High levels of transparency and strict adherence to
rules set out last year may have been key factors in the
underwhelming results from round
one of Mexico’s hydrocarbon auctions.
Only two bids were accepted in the first public
round of bidding for energy projects out of 14 contracts on
offer and 49 companies that had expressed interest. Some of the
world’s largest oil and gas companies, including
Chevron, opted to stay out of the process.
Participants praised the Ministry of Energy for sticking to
its prescribed rules. They also maintained a very high level of
transparency, requiring all participant questions to be placed
on record. But these tactics may have limited the number of
bids. The uncertainty around this being the first process,