PEMEX: Modifications to bidding rules for land areas provide greater certainty to companies interested in Pemex Farmouts

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Pemex issued the following announcement on June 19.

For Petróleos Mexicanos, the modifications approved today by the Governing Body of the National Hydrocarbons Commission (CNH) to the bidding rules of seven land contracting areas, located in the states of Tabasco, Veracruz and Chiapas, provide a framework of greater certainty to the interested companies so that they can define their participation in this process.

The economic conditions applicable to this tender were determined by the Ministry of Finance and Public Credit (SHCP) and the amount of the initial payment is as follows:


                                                                     Unique Value of the

Contract Area                                                 Additional royalty              Initial payment (millions of US dollars)

Trough                                                              15.00%                                            86

Bacal-Nelash                                                    15.00%                                            66

Bedel-Gas                                                        15.00%                                            128

Five Presidents                                                 15.00%                                           120

Giraldas-Sunuapa                                             6.00%                                              36

Juspí-Teotleco                                                  15.00%                                            146

Lacamango                                                       15.00%                                            5


On April 27, the CNH announced the call for the selection of partners of Pemex Exploration and Production (PEP) for the development of the fields: Artesa; Bacal-Nelash; Bedel-Gasifier; Five Presidents; Giraldas-Sunuapa; Juspí-Teotleco; and Lacamango.

This process will culminate next October 31 with the presentation of offers and designation of the companies that will establish farmouts with Pemex. The validity of the contracts will be 30 years, with the possibility of two extensions of five years each.

The decision of the Governing Body of the CNH reinforces the actions that Pemex has implemented to promote strategic partnerships that contribute to complying with the 2017-2021 Business Plan, particularly with regard to the permanent search for profitability.

The Government of the Republic and all the institutions of the energy sector confirm their commitment to strengthening the sector, for the benefit of all Mexicans.

The complete information can be consulted in the page http://www.rondasmexico.gob.mx

Mentions of Pemex may refer to Petróleos Mexicanos or any of its Subsidiary Productive Companies.

Original source can be found here.

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