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Business & Finance

Pemex says Brazil competition and complexity doomed deepwater tender

Published December 8, 2017 Updated December 8, 2017 09:29pm
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By Shoaib Ur RehmanReuters
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MEXICO CITY: Mexican national oil company Pemex on Friday blamed the cancellation of a potentially lucrative deepwater Gulf of Mexico project on geological complexity and weak investor appetite due to oil prices and competition from recent auctions in Brazil.

The company, known officially as Petroleos Mexicanos, said in a statement that it will reevaluate a future farm-out, or joint venture, for the Nobilis-Maximino project following its cancellation by the country's oil regulator on Thursday.

 

Copyright Reuters, 2017

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