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

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 additional exploration and drilling profitable. The sale was validation of Mexico's decision to open its former government-monopoly energy business to foreign investment and expertise.