Mexico’s oil regulator said it has made changes ahead of its third oil auction next month in a bid to attract more bids.
CNH (Comision Nacional de Hidrocarburos) said it will also extend a timeline for companies to submit development plans.
The next auction will take place on December 15th and is expected to tender 25 mature onshore fields through license contracts.
The tweaks were approved earlier this month and also include flexible capital requirements.
A total of 25 mature onshore fields will be up for tender with this particular auction designed to appeal to Mexican start-up companies.
CNH President Juan Carlos Zepeda said: “We’re giving more flexibility in these bid terms so that there are more offers, since each contract requires a minimum level of capital.”
The first auction was held in July while the second was held just a couple of months ago in September.
Mexico will offer more than 900 areas out to tender over the next five years covering 178,554km2 and containing estimated reserves of 107Bboe, according to the energy ministry.