The Mexican government’s initial auction to open the oil and gas industry to private investment fell short of expectations Wednesday, with a Mexican-led group making the only acceptable bids for two of the fourteen blocks being auctioned off. The group of investors is led by one of Mexico’s newest independent energy firms, Sierra Oil and Gas. That firm offered the state 56% of proceeds for a field containing light crude. This comes after Enrique Peña Nieto’s economic reform enacted last year that ended the state’s 77 year monopoly on drilling. teleSUR
