Mexico’s Finance Ministry on May 17 set the minimum extra royalty payments that bidding oil companies must offer to win blocks up for grabs in three oil auctions scheduled for later this year.

The ministry said in a statement that the minimum extra royalty payments for the June shallow-water auction range from 8.5% to 24.8% depending on the block, while two onshore auctions set for July have minimum values that range from 2.4% to 3.9%.