Pemex, Talos consortium reach pre-unitisation deal

Mexico’s Pemex and a Talos Energy-led consortium have signed a pre-unitisation agreement for resources in offshore Block 7 and the Amoca-Yaxche-03 assignment, the NOC announced in a statement on Thursday.

The two-year agreement will see the establishment of a working group of technical and legal representatives from both parties to facilitate the sharing of information regarding the Zama reservoir, discovered in Block 7 in July 2017, and potentially extending into Amoca-Yaxche-03.

The deal also “sets a clear path for the signing of a unit agreement and unit operating agreement in the event a shared reservoir is confirmed, as it establishes a defined process based on international practices to determine the resulting participation of each party in the potential overall development,” the statement said.

Pemex was granted the Amoca-Yaxche-03 assignment during Round 0 in 2014, while the contiguous Block 7 was awarded to Talos (35%), Sierra Oil & Gas (40%) and Premier Oil (25%) in July 2015’s Round 1.1. The deal is the first of its kind in Mexico, as Pemex was the only player in the domestic upstream sector prior to Round 1.1.