Reuters reports the 14 contracts cover 4,222 sq km (1,630 sq mi) in Mexican territorial waters in depths between 131 and 262 ft (40 and 80 m). Oil companies will be able to access data rooms containing seismic and other geological data for the areas from Jan. 15 through July 14.
Details on the bidding are expected to be released over the next few days. Mexico has said that the winning bids will be those that offer the government the largest share value of any produced hydrocarbons plus the minimum required investment.
“There’s a great expectation that these areas will be able to produce oil for Mexico in a relatively short period of time,” said Juan Carlos Zepeda, president of the National Hydrocarbon Commission. According to Reuters he also said that several of the blocks up for grabs likely hold significant quantities of light crude oil.