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CNH & PEP Sign a Contract for the Exploration in Ebano Area

Source: www.gulfoilandgas.com 8/3/2018, Location: South America

The National Hydrocarbons Commission (CNH), on behalf of the Mexican State, signed with Pemex Exploration and Production (PEP) and with the companies D & S Petroleum, SA de CV (D & S Petroleum) and DS Servicios Petroleros, SA de CV (DS Servicios Petroleum), the Contract for the Exploration and Extraction of Hydrocarbons, under the modality of Shared Production, derived from the migration process of the AE-0391-M-Ebano Assignment (Contract).

The Commissioner President of the CNH, Mtro. Juan Carlos Zepeda, Mr. Ulises Hern?ndez Romano, Director of Resources, Reserves and Associations of PEP, Mr. Edgardo Luis Zagaglia Allende and Mr. Wang Xixian, legal representatives of DS Servicios Petroleros and D & S Petroleum, signed the Contract.

The Contractual Area is located in the Tampico Misantla Basin, located in the Northeast of Mexico, in the States of Veracruz, Tamaulipas and San Luis Potos? with an approximate area of ??1,569,123 km2. The duration of the Contract will be thirty years with the possibility of two extensions of five years each.

For the third time, within the framework of the Energy Reform, a migration of an incentivized contract to one of Exploration and Extraction of Hydrocarbons is carried out.

The Contractor gave the CNH the corresponding corporate guarantees amounting to 500 million dollars, as well as the compliance guarantee for an amount of 30 million 780 thousand 6 dollars. The interest percentages of participation in this Contract are 45% for PEP, 54.99% for DS Servicios Petroleros and 0.01% for D & S Petroleum.

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