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Pemex Approves Farm Out in Ultra-Deep Waters of the Gulf of Mexico

Source: www.gulfoilandgas.com 4/27/2017, Location: South America

The Board of Directors of Petroleos Mexicanos authorized to send the request for the migration to a joint venture for the exploration and extraction in the Nobilis-Maximino Block, which is located in ultra-deep waters in the area of the Cinturon Plegado Perdido in the Gulf of Mexico. This request is in line with the strategy defined by Pemex in its 2017-2021 Business Plan, of entering into joint ventures that will allow for the sharing of financial, technological and geological risks, to complement its operating capabilities and consolidate itself as a competitive company.

Located 230 kilometers off the Tamaulipas coastline and 15 kilometers off the maritime border with the United States, this block contains total 3P reserves that are estimated at 500 million barrels of crude oil equivalent (mmbpce). Furthermore, it is estimated to hold a reserve of around 250 mmbpce, to be incorporated. With a depth of between 2,900 and 3,100 meters, it covers a total area of 1,524 square kilometers. Formed by the Maximino and Nobilis fields, which were discovered by Pemex in 2013 and 2016, respectively, it has a total of five wells (three in Maximino and two in Nobilis). Its proximity to the Trion block represents an advantage for future operating synergies. (Map attached)

Should the new fields be consolidated in the area, Pemex estimates that a daily production of 300 thousand barrels of crude oil equivalent may be reached in the next 8 years. Additionally to the incremental production, the development of these fields will help to reduce the future costs of exploration and extraction in the province of Cinturon Plegado Perdido.

This new farm out process will be performed through the National Hydrocarbons Commission, with the transparency and competitiveness that have characterized the various bidding rounds of the federal government, which have been recognized worldwide. Thus, Pemex continues taking advantage of the flexibility and advantages granted by the Energy Reform promoted by President Pe?a Nieto and approved by Congress towards the end of 2013.

On the other hand, the Board approved the participation of Pemex in bidding round 2.1 for shallow waters, in the Basins of the Southeast, in the Tampico Misantla Basins and in Veracruz, in those blocks that are of interest to the company, and which comply with the profitability criteria outlined in the Business Plan. To this end, Pemex will seek to establish joint ventures with oil companies to submit joint proposals. The winners of this bidding process, which is carried out by the CNH, will be announced on June 19, according to the schedule established by this regulation body.



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