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Hunting Mexico's Perdido treasures

A successful licensing round makes ready a wave of new deep-water investment

As oil producers spent the past two decades pushing deeper into the US Gulf of Mexico's Lower Tertiary area, home to the prolific Perdido Fold Belt, geologists suspected some of the area's biggest finds might lay across the border in Mexico's waters. Now they can test the theory. In December, Mexico overcame concerns about low oil prices and pulled off a successful deep-water licensing round - a milestone for the country's energy reforms. The round, held just days after Opec struck a deal that lifted the outlook for crude prices, beat expectations: every one of Mexico's four Perdido Fold Belt blocks was awarded and eight of 10 total deep-water areas were snapped up by international companie

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