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PEMEX grants contracts for deep waters

The oil company agreed to a convention with Shell corporation and the American company Chevron
PEMEX grants contracts for deep waters
Oil platform in the Gulf of Mexico - Photo: EFE/British Petroleum
08/05/2018
14:29
Noé Cruz Serrano
Mexico City
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The Mexican National Oil Company (PEMEX) signed four contracts for the exploration and extraction of hydrocarbons in blocks located in deep waters over the Gulf of Mexico.

While the contracts for the Fourth Biding of the second round were being signed, the head of the Secretariat of Energy, Pedro Joaquín Coldwell, said that one of the contracts was signed with Anglo-Dutch company Shell and the other with the American company Chevron, in partnership with Inpex.

The two remaining contracts were signed by the Mexican oil company, individually.

The state official explained that PEMEX is consolidating as a trustworthy, attractive, and competitive partner, one that has shown an ability to adapt to new market conditions in the international oil business.

The contracts were signed by the general executive of PEMEX Exploration and Production, Juan Javier Hinojosa Puebla; the chief executive of Shell’s branch in Mexico, Alberto de la Fuente; the CEO of Chevron’s branch in Mexico, and chief executive Ryo Manabe, from Inpex, Mexico.

The head of PEMEX Exploration and Production commented that the oil company is seizing the opportunities and flexibility brought upon by the energy reform in order to form new alliances.

All four contracts will allow the joint exploration of deep waters, where PEMEX has shown technical and operative skills. The company is now willing to share both technological and financial risks with the foreign companies.
 

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In addition, these contracts will ease the Mexican company’s strategy of completing their exploratory portfolio and achieve their incorporation goals for the reserves in the middle and long-term, according to what was proposed in PEMEX’s business plan for 2017-2021.

In blocks 5 and 18, PEMEX is operating with 100% participation and has signed the contracts individually.

The areas mentioned are located on the geological provinces of Cinturón Plegado Perdido and Cordilleras Mexicanas, each covering a surface of 1,698 and 1,812 square miles each. The contract expands PEMEX’s portfolio, allowing it to continue the exploration of the Gulf of Mexico.

In the block 2, PEMEX will operate alongside Shell, with a participation of 50%, leaving the Anglo-Dutch company in control of the operation.

This block is located in the geological province of Perdido del Golfo de México and covers an area of 1,333 square miles.

The deal with Shell will allow PEMEX to begin a business relationship with one of the oil companies that have the most international experience.

With regard to block number 22, PEMEX is participating at a rate of 27.5% alongside the American company Chevron, and the Japanese company, Inpex. This area is located in the Cuenca Salina province and covers 1,789 square miles, where preliminary studies indicate that the sought-after hydrocarbon corresponds to heavy crude oil.

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