Mexico's new leader puts bid rounds on hold

The new administration puts its faith in Pemex with expanded E&P budget

New Mexican President Andrés Manuel López Obrador, after a campaign that vowed sweeping changes, wasted little time in office before cancelling February's planned licensing auctions. The scheduled bid rounds have been delayed for potentially three years while the government reviews existing contracts and proof of improving production. But investor fears of a total reversal of energy reforms have eased slightly. Existing contracts will still be respected, despite López Obrador's criticism during the electoral race of the private sector. Since 2013, the reforms have brought in investment upwards of $100bn, through sales of more than 80 blocks to 70 companies, but failed to significantly boost