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Pemex and the Energy Reform: Experiences So Far and Perspectives in Exploration

Abstract

With the implementation of the Energy Reform, Pemex is taking actions to meet exploration goals while adapting to the tight economic conditions. To make the most of the areas that it has retained, investment has focused on the most profitable areas, maintaining reduced evaluation operations in areas that will provide reserves to sustain production in the medium- and long-term. Farm-outs in deep water and areas with unconventional plays will allow Pemex access to technology, international best practices and share technical and financial risks. Farm outs have also been considered for specific shallow water and conventional onshore areas to complement technical and execution capacities. Finally, as part of the evolution from a state monopoly to just another player in the Mexican petroleum industry, Pemex will be participating in national and international bidding rounds to gain access to additional prospective resources to balance its portfolio considering future production and profitability goals. This will be done mainly in association with the main international oil companies that complement Pemex's technical capabilities according to the resource type.