A range of Mexican contractors and start-ups bid furiously against one another to claim all 25 blocks in the third phase of the Round 1 offering this week.
Additional royalties proposed by the companies ranged as high as 85%, which amounted to a total government take of up to 93%, according to officials.
"Our concern is that some of these bids were so aggressive that making a profit for these companies is going to be extremely challenging," Pablo Medina of Wood Mackenzie told Upstream in an interview.
That's
