Mexico Sets Minimums for Offshore Oil Auction

Mexico's finance ministry announced the minimum fiscal terms companies will be required to meet in order to win development rights in an upcoming oil auction, as the country seeks to lure investment despite slumping crude prices.

The ministry set the minimum value of pre-tax profits for the five offshore extraction contracts up for grabs at a range of between 30.2 and 35.9 percent.

The National Hydrocarbons Commission, known by its Spanish-language acronym CNH, is the oil regulator that will run the September 30 auction, the second such auction to date in Mexico's so-called Round One tender following a historic energy overhaul finalized last year. (Reporting By David Alire Garcia)