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PEMEX to Offer Farm-Out on Deep Water Field in Gulf

Arrangement would mark first time Petróleos Mexicanos associates with a private firm for deep-water drilling
By The News · 11 of June 2016 10:42:09
A Pemex gas station is seen in Mexico City, No available, photo: Reuters/Edgard Garrido, File

MEXICO CITY — Mexico’s state-owned oil company announced Friday it will offer a farm-out arrangement to private firms to join in the exploration of a deep-water field in the Gulf of Mexico.

José Antonio González Anaya, Chief Executive Officer of Petréleos Mexicanos (Pemex), addresses the audience during the Mexican Petroleum Congress in Monterrey, Mexico. Photo: Reuters/Daniel Becerril

José Antonio González Anaya, Chief Executive Officer of Petréleos Mexicanos (Pemex), addresses the audience during the Mexican Petroleum Congress in Monterrey, Mexico. Photo: Reuters/Daniel Becerril

It would be the first time that Petróleos Mexicanos (Pemex) has formed an association with a private firm for deep-water drilling. Pemex Director José Antonio González Anaya called it “a watershed moment in Pemex’s history.”

The Trion field, located in the Perdido belt just 25 miles (40 kilometers) south of the U.S. maritime border, is estimated to hold the equivalent of 480 million barrels in proved, potential and possible oil and gas reserves.

The company, known as Pemex, said the offer will be put up for bid in coming days and a winner will be announced on Dec. 5. Officials estimate it will take $11 billion in investments to develop the field in waters about 8,200 feet (2,500 meters) deep. Farm-outs are agreements where service providers take an interest in field, usually part of the oil and gas production, rather than payment.

González Anaya did not specify what compensation the farm-out scheme would involve.

E. EDUARDO CASTILLO