CNH approves migration of Pemex’s Ebano contract

Mexico’s National Hydrocarbons Commission approved the migration of Pemex’s Ebano service contract into a PSA, international media reported Monday.

Under the terms of the new 30-year PSA, DS Servicios, a tie-up between local firm Grupo Diavaz and China’s Sinopec, will hold a 55% operating stake in the licence, while Pemex retains 45%.

The original 25-year contract allowed Pemex to produce from the Ebano with the help of private players, which were not permitted to own stakes in Mexico’s upstream oil and gas assets until 2014 when the country began implementing energy reforms.

Since 2017, Pemex has migrated two other service contracts into PSAs, and the company aims to adjust more than 20 others.

The 1,569-square-kilometre Ebano licence area is located in the Tampico-Misantla Basin in northeastern Mexico. The field is producing around 8,900 bopd and 21,500 cubic metres (760,000 cubic feet) of gas per day.