The second auction for rights to produce oil in the shallow waters off Mexico's Gulf coast drew more bids for more money than expected. For this round, the country lowered minimum financial requirements to participate, and announced the royalty payments needed to win contracts prior to bid day, a strategy not used the first time. "The changes are meaningful and they reflect a desire by the country to listen to the market and to adjust terms in a way that they hope will attract investment," Pedro Caruso, a partner in Bain & Company's Houston office, said. "Mexico minimized the cost of entry."