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Pemex to Submit Rest of Deep Water Tie-Up Requests in August

Source: Reuters 7/24/2015, Location: South America

Mexico's Pemex plans to submit the remaining requests for tie-ups with private companies in five deep water fields in the Gulf of Mexico in early August, a senior executive at the state-run oil company said.

Pemex has already submitted to the Energy Ministry 11 of 16 requests for the so-called "farm outs."

Those for the Trion, Exploratus, Maximino, Kunah and Piklis fields were imminent, said Gustavo Hernandez, operational director of Pemex's production and exploration arm, PEP.

"There are five to come, which are the deep water ones, and we want to submit them at the start of next month," Hernandez told Reuters in an interview this week.

Trion, Exploratus and Maximino are located in the Perdido area near the U.S. border, while Kunah and Piklis lie in the south of the Gulf of Mexico and contain gas.

Mexico is in the midst of opening up its oil and gas fields to private investors after the government ended Pemex's 75-year-old monopoly at the end of 2013.

Earlier this month, the first part of the initial round of shallow water oil field auctions had an inauspicious start, with only two of 14 fields taken up by investors.

The government hopes the opening will revive oil output in Mexico, which has slumped to a little over 2.2 million barrels per day (bpd) from a peak of 3.4 million bpd in 2004.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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