PEMEX: Pemex and the Block 7 Consortium sign preliminary unification agreement

Pemex issued the following announcement on Sept. 20

Petróleos Mexicanos and Talos Energy as operator of the Block 7 Consortium (Talos Energy, Sierra Oil & Gas and Premier Oil), are pleased to announce that they signed a Preliminary Unification Agreement in relation to certain segments within the Amoca-Yaxche- Assignment. 03 (granted to Pemex as part of Round 0), and the Hydrocarbons Exploration and Extraction Contract under the Shared Production modality related to Block 7 adjoining (awarded to the Consortium by the Nation Hydrocarbons Commission during the Bid Round 1.1) . Both areas are found in the basins of the southeast in shallow waters of the Gulf of Mexico.

This is the first Preliminary Unification Agreement that is celebrated in the oil history of Mexico. Under the new legal regime, this agreement, which is valid for two years, allows the parties to share information related to the recent Zama discovery to evaluate its possible extension to the Pemex Assignment. Likewise, it establishes a clear procedure to follow for the signing of the Unification Agreement and the Joint Operation Agreement of the Unified Area in case the existence of a shared deposit is confirmed, defining a process consistent with the international practices of the industry. to determine the percentage of participation of each party in the potential development.

As a result of this agreement, the parties will immediately establish a Working Group, in order to maximize operational and information resources, define the activities in each of the segments to optimize seismic acquisition and reduce risks, maximizing the benefits for the country. The Working Group will be integrated by legal and technical representatives of each of the companies.

The conclusion of the Preliminary Unification Agreement was previously approved by the Secretary of Energy.

Original source can be found here. 

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