Mexico is gearing up for the first auction of new licences to private investors in almost 80 years.
The government will hold the first of the sales, which it hopes will open the energy industry, and bring in an estimated $62.5billion by 2018.
It is also expected to increase annual output in the country by 500,000 barrels a day.
The exploration and production contracts, the first since then- President Lazaro Cardenas nationalized the fields in 1938, will end the monopoly of state-owned Petroleos Mexicanos, or Pemex.
Earlier this month, state-owned Pemex announced it would not be taking part in round one of the country’s historic opening.
The Mexican units of Noble Energy and Glencore and Ecopetrol all requested to exit the competition for 14 shallow water oil fields which are set to be awarded July 15.
PTT Exploration and Production Public Company have also dropped out.