Pemex to offer new Mexico farm-outs

MEXICO CITY, October 16, 2017 – Mexico’s state oil company Pemex aims to auction off 10-15 farm-outs before the end of Q1 2018, local media reported over the weekend.

During an interview with Notimex, Mexico’s state news agency, Pemex E&P director José Antonio Escalera Alcocer said that the blocks the company will focus on for the farm-outs are located in the Southeastern Basins, an area that includes both onshore and shallow-water acreage. The blocks will include both mature producing fields and exploratory zones.

The director also said that the NOC is in the process of submitting information on the chosen blocks to the relevant authorities to formalise the farm-out auctions.

These efforts are part of Pemex’s larger strategy to make the company more efficient, profitable and technologically capable. The NOC has already obtained partners for the deepwater Trion field, as well as the onshore Cárdenas Mora and Ogarrio fields. The latter two were auctioned on October 4.

“Pemex is taking an important step towards having partners to operate these two mature fields, Cárdenas Mora and Ogarrio. Apart from the fact that we are bringing in these associates who are going to offer us technology [and] knowledge, we are going to share the investments,” Escalera Alcocer said.

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