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The opening of Mexico's oil and gas sector was a landmark moment in the industry, but despite the potential upside, the uncertainty and risk surrounding unfamiliar offshore territory in a volatile price market kept many potential investors at bay. Today, more than a year after the first auction of -shallow-water blocks, operators have a better idea of what to expect from Mexican authorities, but there are still questions left to be answered with more public bids on the horizon, an expert said. In a presentation held by the SPE Gulf Coast Section's International Study Group, Loren Long discussed Talos Energy's decision to bid on Mexican shallow-water leases, its -experiences operating in the country, and his outlook on upcoming auctions. Long is the managing director for Talos' Mexican operations. Talos, in a consortium with Mexican company Sierra Oil and Gas and British company Premier Oil, won two contracts during the first phase of the initial round of auctions, held on 15 July 2015.