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Pemex, Petrofac and the CNH Sign the First Migration of an Exploration and Production Contract

  • Investments of over 1.590 billion dollars are being considered

Today Petróleos Mexicanos and the British company Petrofac, together with the Comisión Nacional de Hidrocarburos (National Hydrocarbons Commission, acronym in Spanish: CNH), signed the exploration and extraction contract for the onshore fields   Santuario and el Golpe, which are located in the state of Tabasco. These assignments operate under the modality of Integrated Exploration and Production Contract (acronym in Spanish: CIEP) since December 2011, a service contract with a duration of 25 years.

Following the instructions of President Enrique Peña Nieto to take advantage of the tools provided by the Energy Reform that is being promoted by his administration, Pemex is currently migrating these kinds of contracts to create partnerships. The CIEP of Santuario is the first service contract of its type to be migrated to the modality of Exploration and Extraction Contracts.

The contract was signed by Javier Hinojosa Puebla, legal representative of Pemex Exploración y Producción (Exploration and Production), Hernán Mora, legal representative of Petrofac Mexico,  and the commissioner chairman of the CNH, Juan Carlos Zepeda.

The assignments of Santuario and el Golpe contain 3P reserves of 135.5 million barrels of crude oil equivalent and currently produce 6 thousand barrels per day. The migration is for 1.590 billion dollars. This will allow the partnership to reach a production of around 31 thousand barrels of crude oil equivalent per day by 2027.

This project is fully in line with the company’s strategy and strengthens the application of the business plan that was issued in 2016, which focuses Pemex's efforts on attaining profitability, thus allowing the company to secure the benefits of hydrocarbons for Mexico's future generations.

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Última modificación 20/12/2017 12:40 Pemex