Pemex has converted a public works agreement for the onshore Misión field into an E&P contract with Tecpetrol and Grupo R

Pemex migrates second contract

MEXICO CITY, March 5, 2018 – Pemex has converted a public works agreement for the onshore Misión field into an E&P contract with Tecpetrol and Grupo R, the Mexican NOC announced in a press statement over the weekend.

“The migration of the public works contract related to the Misión assignment to a contract for the exploration and extraction of hydrocarbons will allow Pemex to share risks and increase strategic investments to maximise the value of hydrocarbons and reactivate exploratory activity,” the statement said.

Pemex general director Carlos Treviño said that the move would strengthen the NOC’s financial position and E&P alliances in line with the company’s business plan. The migration would also allow for USD 637 million in investments to raise Misión’s output to 2.92 mcm (103 mcf) of gas per day by 2020.

Tecpetrol and Grupo R, together known as the SBM consortium, have been working in Misión since 2004. With 3P reserves of 9.77 bcm (345 bcf), the field lies across both Tamaulipas and Nuevo León states.

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