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Pemex Courts European Investors for First-Ever Farmout

Pemex General Director José González Anaya met with European investors in London
By The News · 14 of June 2016 14:35:26
Pemex General Director José Antonio González Anaya, CIUDAD DE MÉXICO, 06JUNIO2016.- José Antonio González Anaya, director de Pemex, durante su participación en la Reunión Anual de Consejeros de BBVA Bancomer 2016.FOTO: CUARTOSCURO.COM, photo: Cuartoscuro

LONDON — General Director of Mexican Petroleum (Pemex) José Antonio González Anaya met with European investors in London Tuesday to promote Pemex’s first-ever farmout in the Gulf of Mexico. The farmout had only been approved last Friday.

“Three important issues were discussed in the meetings: the adjustment of approved spending to 100 billion pesos ($5.27 billion), the support package from the federal government and the announcement of our first farmout,” said González Anaya.

In an interview with a Mexican news agency, González Anaya said that the dialogue had been positive, and that there is interest among investors in Pemex.

“We had a series of good conversations with many investors to talk about Pemex’s current situation, and I think there is a lot of interest,” said González Anaya. “There are people who are very interested in Mexico and what we are doing.”

Pemex’s Administration Council authorized the farmout to extract light petroleum from the Trion deep-sea oil field in the Gulf of Mexico.

Pemex estimates that an $11 billion investment will be required.

González Anaya explained that Pemex hopes to use the farmouts to restructure costs.

“The recent farmout agreements that were authorized by the Council are proof that we are working hard to implement the energy reform,” he said.

Facing low oil prices, González Anaya said that the petroleum sector has a longterm view of oil prices, and that investors see Pemex as a good potential partner.

“Pemex is a good partner. Pemex is a good potential partner,” he said. “Pemex is the biggest company in the country, and has been growing in the oil sector for the last 75 years, which makes it an attractive potential partner.”

González Anaya said that the tour had gone well, and he expects Pemex to continue to have a positive relationship with investors in the future.

“Pemex has a good reputation. It has been working well for many years and a lot of people around the world are interested in Mexico,” he said. “We need to take advantage of that interest.”

González Anaya said that he established understandings with investors based in London. He said that depending on the needs of the market, he may travel to London again.

Bidding for the farmout will begin in July, and the winners will be announced on Dec. 5.