Mexico’s Crown Jewels: Deep Water and Farmout Tender Results -
On December 5, 2016, the Comisión Nacional de Hidrocarburos (“CNH”) conducted the Opening and Presentation of Bid Proposals Ceremony for the Ronda Uno, Fourth Tender (“Fourth Tender”). Simultaneously with the Fourth Tender, the CNH conducted the first ever partnership auction for Petróleos Mexicanos (“Pemex”). The unusual circumstance of Pemex being required to conduct a public auction administered by the CNH to select partners for upstream exploration and production came about thanks to the legal scheme introduced in the Mexican Energy Reform in 2014. This partner-selection process has been commonly referred to as a farmout (“Farmout”), even though the structure is really more of a sell down of Pemex interests in a given area.
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