After suspending bids for its northern shale fields two years ago, Mexico is pursuing the energy reform necessary to open bidding back up in March, according to FuelFix.

In the middle of a mass reform to its government-run energy sector, Mexico has been holding auctions to sell the rights to private U.S. companies to drill untapped oil fields.

Mexico has attracted 70 contracts from over 59 private companies for a total investment of $22.4 billion, which includes $10 billion for 6,400 miles of pipelines, $7 billion in exploration and production and $2.5 billion for the new seismic maps to track untapped oil and gas reservoirs.

Learn more: FuelFix > Mexico could open shale fields to U.S. drillers next year