On February 27, 2015, the Comisión Nacional de Hidrocarburos (CNH) published in the Federal Gazzette (or Diario Oficial de la Nación, DOF) the Call for Bidders No. CNH-R01C02/2015, the Bidding Guidelines and the Model Production Sharing Contract (PSC) for five mature contract areas located in shallow waters off the Gulf of Mexico coastlines of Veracruz, Tabasco and Campeche.

This summary presents some of the most relevant changes in the Second Tender Bidding Guidelines and Model PSC. The principal changes to the PSC focus on the fact that these fields have P1 reserves (they are not exploration blocks) in the following contract areas...