Mexico to Auction 15 Shallow Exploration Blocks in Gulf

07/19/16 ABC News 

The Mexican government announced plans Tuesday for an auction of exploration and shared-production rights on 15 blocks of potential oil fields in the shallow waters of the Gulf of Mexico.

The blocks cover 3,440 square miles (8,908 square kilometers) and contain potential reserves of up to 1.58 billion barrels of crude equivalent.

Energy Secretary Pedro Joaquin Coldwell said that the blocks are expected to start producing oil by 2020 and that investment in the projects could reach $11.25 billion over the life of the contracts.

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