Pemex Requests E&P Areas from SENER

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On March 21, 2014 Petróleos Mexicanos (Pemex) submitted its round zero proposal to the Secretaría de Energía (SENER), Mexico’s department of energy. Although the details of the proposal are not yet public, SENER has indicated Pemex seeks to retain control of all areas in which it is currently producing hydrocarbons in commercial quantities and all exploration areas in which it has made a commercial discovery, including areas in the deep waters of the Gulf of Mexico. In the southern basins, Pemex seeks to retain control of all exploration areas which overlap with producing areas and in which it has made significant investments under an exploration program.

In all, Pemex has requested an assignment of over 83% of the total proved and probable (2P)1 reserves and 31% of all prospective resources known to exist within the Mexican territory (see map below). These include all areas that are currently being explored and developed under fourteen full service contracts (contratos de servicios integrales) and a few shale areas in which Pemex intends to develop know-how for future unconventional exploration and production.

Please see full alert below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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