Mexico announces bid terms for first deep water oil joint venture

Mexico's oil regulator on Wednesday announced bid terms for a first-ever joint venture between state-owned oil company Pemex and would-be private partners to develop oil reserves in the Gulf of Mexico's deep waters.

The call for bids to partner with cash-strapped Pemex on the Trion light oil field follows the constitutional energy reform enacted in 2013 which promised to reverse a decade-long slump in crude production.