Another auction bust

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?

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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.

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

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