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Mexico awards 7th block in oil tender to Sierra, Talos and Premier

Reuters - UK Focus

MEXICO CITY, July 15 (Reuters) - Mexico's oil regulator on Wednesday awarded the seventh block in its initial offshore tender to the consortium including Sierra Oil & Gas, Talos Energy and Premier Oil (LSE: PMO.L - news) .

The block is one of more than a dozen oil fields being auctioned as part of a historic sector opening the government hopes will fuel more robust growth in Latin America's second biggest economy.

The consortium's winning bid for the production-sharing contract covering the shallow water block along the southern rim of the Gulf of Mexico offered 68.99 percent of pre-tax profits to the state. (Reporting by Adriana Barrera and David Alire Garcia)