Reuters reveals oil companies swap stakes in Mexico as government holds off on auctions

As Mexico’s government insists energy companies increase oil and gas output before it auctions off more of the country’s vast reserves or offers more partnerships with state-run Pemex, Reuters revealed that firms ranging from foreign majors to local players are scrambling to buy and sell blocks they already own. The negotiations are creating a dynamic secondary market for oil acreage, which could be the only investment opportunity left for firms until leftist President Andres Manuel Lopez Obrador unblocks his predecessor’s flagship energy reform that has seen no new licensing rounds since 2018.