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Exxon teams up with Chevron, Hess for deepwater drilling rights in Mexico

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Written by: Anna Butler

Click HERE to Read the Article by the Publisher.


Irving, Texas-based Exxon Mobil Corp is teaming up with California-based Chevron Corp and New York-based Hess Corp to bid on crude oil rights in Mexico’s deepwater areas,Bloomberg reported late last week.

The three massive companies reached a joint operating agreement — which becomes null and void if any of the three companies backs out — that would allow the group to bid on 10 areas in Mexico’s first-ever deepwater drilling rights sale on Dec. 5.

Mexico looks to raise about $44 billion from the sale, according to Bloomberg. The auction is a result of Mexico’s historic energy reform finalized in 2014; foreign crude oil producers haven’t drilled in the country since 1938.

Exxon, Chevron and Hess all have a major presence in Houston, and a number of other energy companies based in or with a significant presence in the Bayou City also are trying to get in on Mexico.

In May 2015, Exxon and Chevron were among 19 companies and seven groups cleared to develop an estimated 80,000 crude barrels daily in the Gulf of Mexico.

In September, Fieldwood Energy LLC was among three winners in an auction for five shallow water oil extraction blocks up for bid. Fieldwood was part of a consortium with Mexico City-based oil company Petrobal.


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Written by: Anna Butler

Click HERE to Read the Article by the Publisher.

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