Clearance sale

National/ economy

Pemex relinquished the exclusivity of the area that it was assigned to them in the round zero

Clearance sale of Pemex

By: Carlos Damian                                               June 16, 2016

Pemex will relinquish geological information with BP, Shell and Chevron and Exxon Mobil

Mexico. -  After 78 years in the history of Mexico, the administration Council of Pemex approved on Friday (06/10/16) their first association for the exploration and development of the Trion field in deep waters of the Gulf of Mexico (GM) - is found in the marine frontier with The States - sharing with oil rivals the geological and economic risks, informed in press conference the director of the national petroleum of the state, Mexican oils Co (Pemex), José Antonio Gonzalez Ayala (JAG). The Trion field was discovered in 2012 and has an extension of thousand 259 square kilometers and it is located 200 kilometers to the this of Matamoros and to 179 kilometers of the coast line, in deep ultra-waters of the Gulf of Mexico to a water brace superior to 2 thousand 500 meters and form part of the region called Folded Belt of Lost. Of the American side the development on deep waters of the Gulf of Mexico is accomplished in fields Great White, Silvertip and Tobago Chevron and BP and they are operated by the Anglo- hollandaise Shell.  The four mega-corporations international petroleum, that in the past were integrating the influential group known as the Seven Sisters and that during decades were owners of the Mexican crude, attempt to return to the country as relinquished licenses and to recover the development of oil deposits, now in deep waters of the Gulf of Mexico. It is considered the British BP, the Anglo- hollandaise Shell, the gigantic American Chevron and ExxonMobil (that before were operating of independent way), those which concluded the past 3 of June their process of pre-qualification for the contest of exploration contracts and development of hydrocarbons by a maximum term until of middle century. The license contract, figure that it was forbidden by the Constitution in the pasts 76 years, permits the national private oil companies and outsiders now to exploit the oil deposits, to change of the royalties’ payment and imposed with a maximum rate pre-defined in the contract. Energy Secretary, Pedro Joaquin Coldwell, expressed their consent and emphasized that with this agreement Pemex will obtain top technology and the process will be accomplished with absolute transparency and will be aligned with that of the round 1.4 of the federal government. The field become an assignment in exclusive granted to Pemex in the round zero to a license contract, and this will be analyzed with the technical assistance of the National Hydrocarbons Commission (CNH). The appointments are approved Once has the contract and the bases the Internal Revenue Service of Mexico (SHCP, for their initials in Spanish) will fix the fiscal regime. It is hoped that the migration process is begun in next July, when will be presented the bidding and conclude in December of 2016, announced the general director of Pemex. The director of Pemex JAG, said that the economic terms still they have not been defined and the operator will be other company that has the experience. Specified that the summons will be made around the end of July.  According to the international experience, explained, they could be two or three associates and the number of participants, will determine it the interest of the international oil companies. The investment amount is of 11 billion of dollars with a possible reserves potential of 480 million of barrels of light crude oil. Furthermore it specified that the resources will originate of the investment programs and of financing raising. Clarified that due to the governmental supports the needs of financing have been reduced. Indicated that the goal of crude extraction at domestic level will be maintained this year in 2 million of 130 thousand daily barrels. Pemex will have access to the technology and the resources will be part of the investment program of the now nonproducing company of the state. The chief of the Sener says that goes to care the profitability and the benefit for the country (transnational companies of course), added  that the next week will be opened the data room giving the information so that the companies interested could accede to the characteristics of the field, contiguous to Great White, located in the American territory.  Added that it concluded the process of prequalification of the companies interested in the exploration and development of oil in deep waters of the GM and remained classified 23 large oil companies. Reports of the CNH detail that between the finalists are maintained the British BP, the American Chevron and ExxonMobil and the Anglo hollandaise Shell. On the other hand, the administration Council of Pemex approved the appointment of Luis Rafael Montanaro Sanchez as new general director of the company in liquidation Pemex Ethylene Subsidiary.  Also it was authorized to Manuel Salvador Cruz Flores as Accounting assistant director and Fiscal in the Corporative Finances Address. JAG designated to Francisco commissioned Fernandez with dispatch of the company in liquidation Pemex Logistics Subsidiary. Close Pemex with business in door The petroleum seeks restructurers and eventually be stabilized in 2018, will fall the production to less of 2.13 billion of barrels per day (bpd), informs their general director and between the plans is the sale of not strategic assets and new productive associations with other companies of the sector, known as farm outs involves the oil Trion field. After a meeting with investors, the official of 48 years plans to make a public actions offer as Saudi Arabia, but added that this will not occur in Mexico, by obviating reasons. Has assets sales and to pay part of their debt, that arrived to 86 thousand 800 million of dollars to the close of 2015. "Pemex has 490 active and we have of all type. The company is in process of designing a business’s plan that has anticipated to divulge in August. In him will define their strategy of longer term and would include active the sale as well as objective of production. Nobody has 11 billion of available dollars, as soon as we should have a calendar of sales and financial clipping. The national petroleum will launch their own oil coverage plan, in search of avoiding a repetition of the shock of clippings to the expense that must accomplish after the fall of the prices of the crude this year. Oil as the education we had hardened defending of the culture, with the national teaching deposited in the CNTE, we would not would have this liquidation of Pemex and giving part of the information, dismantlement of the infrastructure of the petroleum old property of the state. This sale of garage and gradual sent total dismantlement their property abroad, but finds other financing manners to obtain physical money, and thus must have been put bonds by 8.1 billion of dollars  and their directing JAG, said the last month is caused that an this route is ending. Though this financing is costly, was agreed to pay a form of interest of 8 percent a plan of sale - lease for thousand 200 million of dollars according to Bloomberg. Apparently the dealing is to sell oil facilities and then recaptures them to the new damages in financial lease. In this disguised liquidation context, if the Mexican people wanted to recover the sovereignty on their oil that these cynics without country have been dismantling gently to the national petroleum, the federal government patriot and the Mexican people only would find wreckage than what was a day the important and strategic  Mexican  petroleum. (La Jornada, política, p. 18, June 15, 2016).