MEXICO CITY, May 12 (Reuters) - The next round of contracts in Mexico's opening of its oil and natural gas industry should bring in about $620 million in investment in the first five years, Energy Minister Pedro Joaquin Coldwell said on Tuesday.
The 26 onshore oil and gas areas to be tendered are spread across five states and contain 2.5 billion barrels of oil equivalent in proven, probable and possible reserves.
The 25-year contracts could be extended for two additional periods of five years each, Joaquin Coldwell said at an event in Mexico City.
Edgar Rangel, a member of the National Hydrocarbons Commission oil and gas regulator, said the 26 areas would have average production costs of between $10 and $20 per barrel, below previously announced shallow water contracts.
(Reporting by David Alire Garcia and Adriana Barrera; Editing by Lisa Von Ahn)
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