Navigating the First Deepwater Joint Venture with Pemex in Mexico

Mexico’s auction process, while hit hard by low oil prices, has had a positive transformation from the surprisingly unsuccessful first round, in which only two out of 14 exploration blocks were awarded to a very successful later round, in which 25 blocks were awarded. Ultimately, contracts for 19 blocks were signed. In many respects, these have formed an interesting sideshow, highlighting which midmarket players are interested in getting their feet wet and which private equity firms are backing Mexico management teams, rather than a process, revealing major trends.