Petroleos Mexicanos, through Pemex Exploracion y Produccion (PEP), signed Contracts for the Exploration and Extraction (acronym in Spanish: CEE) of Hydrocarbons in shallow waters with the companies Deutsche Erdoel AG (DEA) from Germany and Ecopetrol from Colombia. These areas correspond to the blocks 2 and 8 of Round 2.1, which were included in the bidding process by the National Hydrocarbons Commission.
This confirms Pemex as an attractive and competitive partner that has known how to adapt to the new conditions of the environment of the international oil industry. Joint ventures strengthen its capabilities to profitably, safety and sustainably maintain its production platform.
Pemex actively makes use of the advantages provided by the Energy Reform to enter into new joint ventures.
The event was presided over by the Minister of Energy, Pedro Joaquin Coldwell, as well as by the president of the CNH (Spanish acronym for the National Hydrocarbons Commission), Juan Carlos Zepeda. The contracts were signed by the CEO of Pemex Exploracion y Produccion, Javier Hinojosa, and by Juan Manuel Delgado and Felipe Bayon, in representation of the companies DEA and Ecopetrol, respectively.
These new contracts will allow the companies to jointly explore shallow waters, where PEP has proven to have the necessary technical and operating capacities, sharing the technical, operating and financial risks. Pemex is currently engaged in joint ventures in deep waters with BHP in the Trion Block and with Chevron and Inpex in Block 3, Round 1.4.
Regarding Block 2, Petr?leos Mexicanos is the operating partner and holds a participation of 70%. This Block covers a surface of 549 km2 and is located in the maritime portion of the Tampico-Misantla basin, to the west of the Gulf of Mexico. This partnership with Deutsche Erdoel will allow Pemex to collaborate with a company that has been established in the industry for over a century, and which has operations in the United Kingdom, Norway, Egypt and Germany, among other countries.
In Block 8, Pemex is the operator, and holds a participation of 50%. This area is located in the Southwestern Basins and covers a surface of 586 km2. The consortium with Ecopetrol, will allow Petr?leos Mexicanos to enter a business relationship with one of the largest oil companies of Latin America, with whom Pemex shares a strategic alignment.
The closeness of these blocks to assignments currently held by Pemex in shallow waters and the existing infrastructure, will allow for the creation of synergies that will improve exploration and development activities. The geological conditions and the type of oil deposits that are expected to be found in these fields are similar to those in the areas that have been operated by PEP for the past 40 years.
Thus, the company contributes to reaching the goals of reserve incorporation set for Petr?leos Mexicanos, which are established in its Business Plan for 2017-2021 to maximize the country’s resources. At the same time, Pemex proves that it is both a competitive company and an attractive partner for investment in the country for the benefit of all Mexicans.
