U.S. oil majors ExxonMobil, Chevron and Hess will bid jointly in the upcoming deepwater oil and gas tender planned by Mexico. The auction, which will take place on December 5, will involve ten deepwater blocks in the Gulf of Mexico. The tender, which is the first one focused on deepwater deposits, is expected to generate US$44 billion in proceeds. According to a source close to the three companies, they have already signed a Joint Operation Agreement for the bidding process, which means they have already selected the operators for the fields they will operate should they be awarded licenses. Mexico only allowed foreign oil companies to explore and exploit its crude reserves two years ago, forced by an 11-year decline in production. This tender now is in an area that contains what’s estimated to be 76 percent of Mexico’s prospective crude reserves. The local state-owned energy company Pemex, however, […]