On December 11, 2014, the Mexican National Hydrocarbons Commission (CNH) published its model production-sharing contract for the first phase of the country’s Round One bidding process for production sharing contracts pertaining to the extraction and exploration of hydrocarbons in 14 shallow-water contract areas. The CNH published a contract form for individual contractors and a form for consortiums. This Legal Update sets out the main terms of the production-sharing contract model.