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The New Mexican Upstream Legal Regime A change of paradigm towards private venture

The New Mexican Upstream Legal Regime A change of paradigm towards private venture. I. Mexico’s Upstream: An Industry’s Overview. Trends. Trends.

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The New Mexican Upstream Legal Regime A change of paradigm towards private venture

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  1. The New Mexican Upstream Legal RegimeA change of paradigm towards private venture

  2. I. Mexico’s Upstream: An Industry’s Overview.

  3. Trends

  4. Trends Declination will not only affect Mexico’s public revenues but it will also have an impact on Mexico’s energy security and the satisfaction of the domestic demand of hydrocarbons with Mexico’s own resources. Exportations of crude oil have proportionally decreased since 2005 at the same level of the national production.

  5. II. Towards a change in the conception of Mexico’s oil & gas industry.

  6. A new conception January 1st, 2010: 2010, proven hydrocarbon reserves (1P) totaled about 14.0 billion barrels of crude oil equivalent (MMMboe). There are 3P crude oil reserves which PEMEX estimates in about 43.1 MMMboe located in both, offshore and offshore basins

  7. A new conception The future of Mexico as an oil exporter no longer will depend on super giant oil fields but instead on a mixed portfolio which among other includes:

  8. Strategic projects

  9. III. The upstream new legal regime and its implementation.

  10. New contractual arrangements November 28, 2008 A set of reforms was enacted by the Federal Congress aiming to provide PEMEX with an E&P legal regime closer to international best practices. The reform involved the suppression, amendment and enactment of numerous statutes in different matters such as: Positive goals: strengthening corporate governance, institutional design and best industry practices.

  11. New contractual arrangements Oil service companies  “No risks” IOCs / Independent OCs All risks

  12. New contractual arrangements Some of the most relevant elements in the model to be equally used for Matured Fields as well as for Chicontepec (once the field laboratories show initial results) are the following: 

  13. New contractual arrangements

  14. New contractual arrangements

  15. New contractual arrangements

  16. New contractual arrangements

  17. Securing payment structure (1) 4. Payments to be made (1) to the lender, and (2) the remaining amounts to the contractor. Lender Trust agreement (2) 1. Grants a loan Project Contractor 3. Upon assignment, the Project will directly pay to the trustee. 2. Has a collection right which must be assigned to the trust agreement.

  18. David Enríquez Rosas Goodrich, Riquelme y Asociados denriquez@goodrichriquelme.com denriquez@gra.com.mx

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