The National Hydrocarbons Commission (CNH) appointed P.M.I., Comercio Internacional to be the marketer of the State for the sale of the hydrocarbons that it will receive from the shared production contracts under the new model, derived from the energy reform.
The contract was signed by the president of the CNH Juan Carlos Zepeda Molina and the director of PMI Comercio Internacional, S.A. de C.V. (PMI), Isaac Volin Bolok, and it will remain in force until the end 2017.
P.M.I. is an affiliate company of Petroleos Mexicanos, incorporated in 1989, dedicated to the marketing of crude oil and its derivatives, and it is the main commercial arm of Pemex in the international market.
In accordance with the Hydrocarbons Law, the contracting of the company in charge of selling the crude oil and Gas that the oil companies will deliver to the State as payment of the consideration for exploiting the fields that are the property of the Mexican State.
To date, the companies that have signed shared production contracts with the State are:
- Sierra Oil & Gas, as a consortium with Talos Energy and Premier Oil ENI Mexico
- Hokchi Energy, as a consortium with E&P Hidrocarburos y Servicios, and
- Fieldwood Energy, as a consortium with Petrobal.
The participation percentages for the State range from 55.99% up to 83.75%, which means that, once the profit of the production has been established, the State will be entitled to a share between 55 and 83 barrels of oil out of every 100 that are extracted, according to each contract, and these are the barrels that will be placed at the disposal of P.M.I. To be placed in the domestic or international market.
Likewise, a part of the production deriving from the migration of allocations of Petr?leos Mexicanos to exploration and extraction contracts, could be delivered to P.M.I. If the contract model that is determined for the said migrations is a shared production contract, among these the Ek and Balam fields, which have the greatest progress in the migration process.
The figure of marketer of the State only applies for shared production contracts, given that contracting the marketer is not necessary in licensing contracts, as under this model the hydrocarbons produced are marketed by the contractors themselves, and the State obtains the corresponding considerations in cash and not in barrels. This is the case of the contracts awarded in the bidding processes 3 and the recent bidding process 4 for deep waters, which included the Trion field.