Another auction bust

[Rodent + 1,424]

Arctic auction was a bust, now Mexico isn't getting any love either. 

https://www.reuters.com/article/us-mexico-oil/mexico-oil-regulator-cancels-deep-water-pemex-tie-up-auction-idUSKBN1E207E

[Kate Turlington + 44]

Mexico's first round in July 2015 was also a bust ... big boys thought the fields were too small. What was the problem this time?

[Rodent + 1,424]

If I had to guess (and I'm just guessing) ultra-deepwater prospects are just really pricey. Last month, Pemex's take was cut from 49% stake to 40% stake--presumably to heighten interest in the JV... but still, nada.

[Rodent + 1,424]

Pemex apparently is blaming the unflattering results on Brazil's October auction, which catered to the same group of interested parties.