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Mexico to Tender 333 Oil Fields in 5 Years

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Mexico's Secretary of Energy Pedro Joaquin Coldwell announced that the country will tender 333 oil and gas fields during the next five years.

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MEXICO (Sputnik) — Mexico will tender 333 oil and gas fields during the next five years, the country's Secretary of Energy Pedro Joaquin Coldwell announced.

According to Coldwell, 96 fields will be offered for exploration, while 237 others will be up for extraction. The total area of the oil fields is estimated at 90,734 square miles.

"With this five-year plan energy policy takes a comprehensive approach that meets the requirements of companies, interests and aspirations of society as a whole, as well as those of authorities, experts and scientists," Coldwell pointed out on Wednesday.

In December 2013, Mexico undertook major energy reforms, and for the first time in almost 80 years the state-run oil company Pemex and the Federal Electricity Commission (CFE) were granted permission to make deals with private companies, attracting private investment in the development, extraction, transport and storage of oil, gas and electricity.

Since then, the country has already held two international tenders for exploration and production contracts.

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