Mexico's reforms start to bear fruit

Mexico's energy overhaul is notching up successes after a slow start

Mexico's first international oil auction in July 2015, a landmark moment in the country's energy reforms, was widely panned as a failure. Just two of the 14 blocks put up for bidding garnered winning bids. The world's major international oil companies (IOCs), whose know-how and cash Mexico was desperately seeking, largely gave the round a pass. Even the most ardent reform supporters had to admit it was an inauspicious start. The critics were too hasty. Two years on, their dim judgement needs revising. The first exploration well to come out of that round was completed in July and it was a blockbuster. Talos Energy, a private-equity backed Gulf of Mexico explorer, said its Zama-1 well, drilled