Mexico’s Deputy Energy Minister Loudres Melgar revealed plans to auction 914 onshore and offshore prospects over the next five years.
The move is part of the country’s bid to add 1 million barrels of production by 2025.
Of the earmarked fields, 244 will be auctioned for production and 670 will be auctioned for exploration. The prospects have a combined potential of 107 billion barrels of oil.
The Chicontepec basin is positioned as the plan’s crown jewel accounting for 42.1 billion barrels of oil equivalent in 12 fields, according to Melgar.
The auction comes after Mexico’s Senate approved landmark legislation which opened the country’s energy frontier to private investors. Last year’s move signalled the end of a 70-year state-run monopoly held by Petroleos Mexicanos.
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