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Oil and gas heavyweights make strong bids for Mexican offshore drilling rights

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Pemex's Miguel Hidalgo refinery near Tula de Allende, Mexico. The Mexican state-owned Pemex will team up with BHP Billiton and Chevron to develop two projects in the Gulf of Mexico.

Mexico City

THE international oil industry on Monday agreed to pay billions of dollars to the Mexican government for rights to drill in the country's portions of the Gulf of Mexico.

The companies made a big bet that oil and natural gas prices would eventually rebound enough to make

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