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About Integrated E&P Contracts

Pemex Upstream Overview

Petróleos Mexicanos is the largest company in Mexico and in Latin America.

Pemex faces the permanent challenge of being a company that is profitable and efficient, one that optimizes its resources with the best available technology. It is a company with modern and transparent corporate governance and high standards of accountability, environmental stewardship and community commitment. The Company seeks to be competitive on a global scale, starting with its relationships to suppliers and international operating companies.

The Company faces the decline of its most productive oilfields, including the supergiant Cantarell. We are turning our attention to other fields that present complex technical challenges, including low well productivity.

Simultaneously, we are engaged in the search for commercial deposits in new basins and geological horizons that, up to now, have been unexplored.

Exploration and Development Targets

In order to develop these fields the Company needs to incorporate new technological, managerial and operating skills. Major investments will be needed, not only by ourselves but by those operating companies for whom this contractual framework offers a competitive investment opportunity.

Exploration and development targets are:

  • matures fields of the south and north basins, where proved reserves represent 29 per cent of Mexico's total reserves,
  • Chicontepec, where 39 per cent of the country's petroleum reserves are located, and
  • deepwater areas of the Mexican portion of the Gulf of Mexico, where there are yet-undiscovered resources estimated at 28 billion barrels of oil equivalent (BOE).

Pemex New Rules

To confront these challenges, in April, 2008, President Felipe Calderón submitted to the Congress an energy reform package, which, after undergoing a series of amendments, was approved.

The reform legislation included important changes that were incorporated into the Pemex Administration Act of 2008 (Pemex Law), which became law in late November. The changes strengthened corporate governance, providing greater flexibility in relation to its organizational structure, and created a new contractual framework.

The Pemex Law allows for contracts that would provide remuneration based on a proportional scale to contractors whose efforts, incorporating the latest technology, produce superior outcomes.

Such contracts will increase the Company's capabilities in Chicontepec and deepwater, where projects will require distinct economic and operational models.

These terms of the contracts are designed to attract companies whose capabilities and cost structures correspond to such projects.​​

Última modificación 05/12/2012 17:33