Pemex signs two agreements to develop deep waters

State-owned Petróleos Mexicanos (Pemex), Chevron and INPEX Corporation signed the contract for the deep-water exploration and extraction of hydrocarbons in the corresponding licensing modality for block 3 North of the Plegado Perdido Belt in the Gulf of Mexico.

This is the first time that Pemex formed a consortium to compete for a block in the Mexican State.

This alliance shows confidence in Mexico as a destination for investments, and in Pemex as a strategic partner.

With the signing of the deep water licensing agreement between Pemex, Chevron and INPEX, another important step is being taken in the opening process in the oil sector for the benefit of Mexico.

The consortium formed by Pemex, Chevron and INPEX, estimates a Total Expected Investment of 2 billion dollars.

In another historic development, Pemex continued aligning its operations to international best practices, and signed an agreement with the Australian company BHP Billiton to develop the deep-water Trion Block, at an event hosted by President of Mexico, Enrique Peña Nieto.

Trion at 2,500 meters depth represents an investment of 11,000 billion dollars, similar to the total number of FDI that Mexico received at the beginning of the 1990's.

This is the first farm out agreement that Pemex has undertaken to explore and produce and is the result of a greater degree of flexibility and mechanisms stemming from the Energy Reform.

With these types of alliances, Pemex advances the implementation of its Energy Reform, which allows companies to share financial, technological & geological risks and work together in favour of Mexico.