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First aluminum smelting, now copper processing face global overcapacity.
Mexico's oil regulator voted on Monday to begin the process of choosing a partner for national oil company Pemex to develop its Ayin-Batsil field, the second such joint venture as Mexico seeks to reverse a dozen years of declining crude output. Pemex will maintain a 50 percent stake in the shallow water project but will not be its operator, according to initial bid terms approved by the National Hydrocarbons Commission, the oil regulator known as the CNH that manages oil auctions. The Ayin-Batsil joint venture will be Pemex's second such tie-up following the selection of Australian mining and oil firm BHP Billiton in December to operate the Trion deep water block near the U.S.-Mexico maritime border in the Gulf of Mexico.
The first-ever joint venture in Mexico's deep waters could begin drilling its first oil well by the end of this year, a top official with national oil company Pemex said on Friday. In December, Pemex teamed up with Australian mining and oil giant BHP Billiton Ltd to develop its Trion block in the Gulf of Mexico, a partnership that was sealed on Friday in a signing ceremony presided over by Mexican President Enrique Pena Nieto.