Latin American countries want to boost their oil sectors by offering blocks for exploration and production. The governments of Latin America open their doors to private investment in the oil industry, after years of monopolies.
The government created Energy Reform with the goal of opening the oil sector to free competition and encouraging offshore and onshore exploration and production in the country. Authorities have been successful in this process so far.
The Ministry of Finance and Public Credit (SHCP) published the economic conditions for the first auction of Round 3. The entity said that these regulations seek to encourage investment and development of oil projects in the country.