Mexico's oil regulator CNH has revealed auction terms for 15 exploration and production blocks in the southern Gulf of Mexico, with bids planned for March next year.

The initial phase of the ‘Round Two tender’ will feature production sharing contracts for 30 years and winners will be announced on 22 March next year.

Reuters reported CNH president Juan Carlos Zepeda as saying that the auction expects to attract around $750m of investment per block, or $11.25bn in total over the life of contracts. 

"They include reserves of nearly 650 million barrels of crude oil equivalent."

The blocks range from 972km² to 466km² in size, and lie off the coast of Veracruz, Tabasco and Campeche states. They include reserves of light and heavy oil and gas, as well as nearly 650 million barrels of crude oil equivalent.

Bidders must be able to file technical capability from at least three offshore projects between 2011 and 2015 in order to pre-qualify for the auction.

They must also be experienced either as an operator or financial partner in either shallow or deep water.

In order to bid as a single company or in consortium, the participating companies are required to meet minimum capital requirements of $1bn. They can also file assets worth at least $10bn.

Last year, three auctions were held covering shallow water, as well as onshore blocks.

Initially, the deepwater auction is set to take place in December this year.