The flood gates could be opening on Mexico's vast shale reserves by the second quarter of 2015 and oil and gas companies need to prepare now, said Luis Gomar, a partner with Strasburger's international oil and gas division. Companies must have a wholly owned Mexican subsidiary before they can place bids on different shale plays, Gomar said from Mexico City.

"In order to have a successful bid, you have to start laying the groundwork now," Gomar said. "A lot of my clients are asking us to monitor this for them."

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