During the first signing ceremony of the agreement between Petróleos Mexicanos (Pemex) and private investors to carry out offshore exploration and exploitation, President Peña Nieto expressed his confidence in the improvements the Energy Reform will bring to Pemex and the energy sector.
The alliance between Pemex and Australian BHP Billiton will carry out deep water explorations and extractions from the Trion Block, an area of 800 square miles located in off thecoast of Tamaulipas, with an initial investment of $11 billion pesos.
This collaboration marks the first agreement Pemex has entered into with a foreign company through a bidding process. Mexico will receive 72 percent of the profits, including other benefits for Pemex and the Federal Government.
At the presidential residence, Peña Nieto celebrated the fact that Pemex is going through a process of modernization and public resources will no longer have to be compromised in order to do so. He also stated that the yield of such investments will be perceived in the following years.
“The Energy Reform opens new possibilities for the private sector while giving Pemex the opportunity to become stronger and more modern,” said Peña Nieto.
The Trion Block has possible reserves of 485 million barrels of crude with an estimated productive potential of 100 thousand barrels per day.