India's ONGC in Race for Mexican Oil, Gas Block

Indian state-owned Oil and Natural Gas Corp (ONGC) is in the race for oil and gas blocks in Mexico's maiden licensing round, according to Press Trust of India.

ONGC is competing with almost three dozen energy companies. In race are majors such as Exxon, Chevron and Shell, for 14 shallow water exploration blocks in the Mexico's southern region.

ONGC Videsh (OVL), the overseas arm of the state explorer, was among the international firms which signed up to pre-qualify for Mexico's inaugural Round-1 bid offering at the end of deadline on March 31, industry sources told Press Trust.

According to Press Trust, ther majors in fray include Mexican state-owned petroleum company Pemex, Norway's Statoil, Colombia's EcoPetrol, Brazil's Petrobras and PTTEP of Thailand. 

Mexico is opening up its oil sector to private players for the first time after more than 75 years of monopoly by state company Petroleos Mexicanos or Pemex.