Mexico City, Mexico - The Mexican government will auction off among private investors two thirds of oil and gas fields with a potential equivalent to the domestic production in the last 110 years.

Under the energy overhaul that was approved in December and opened the door to private investment in the sector, Pemex has first dibs on oil fields in the so-called Zero Round before private and foreign companies will be invited to participate in subsequent bidding processes.

La Jornada newspaper recently quoted the information provided by Pemex to companies interested in participating in the opening, according to which Mexico has oil and gas reserves of 112.8 billion barrels. Of that figure, 60.2 billion correspond to shale gas, and the remaining 52.6 billion to oil and gas, announced Gustavo Hernandez, a senior official of the Pemex Exploration and Production Department.

Pemex requested exclusivity over an area that has 34.5 billion barrels of oil, 31 percent of the total available to the nation.