Mexico Oil Privatization Pays Off With Billion-Barrel Find

Mexico’s decision to allow private companies to explore for oil and gas started to pay off after the discovery of at least a billion barrels in a new offshore field. A consortium of Premier Oil Plc, Sierra Oil & Gas S de RL de CV and Talos Energy LLC made the discovery in the shallow waters of the southern Gulf of Mexico, two years after winning the exploration license. Mexico opened up to exploration by private companies in an effort to slow and eventually reverse the decline in its oil production.