ENERGY ALERT. July 21, 2017
|
|
- Vernon Gregory
- 6 years ago
- Views:
Transcription
1 CNH makes call for bids of 30 Deep Water blocks for extraction and exploration of hydrocarbons / Some modifications in the bidding terms were announced in the Ogarrio and Cardenas More Farm Outs July 21, 2017 ENERGY ALERT On July 19, 2017, the Hydrocarbons Commission in Mexico published the drafts of the call for bids and license contract for Round 2 Phase 4 Exploration and extraction of hydrocarbons in deep-water and announced some modifications to Ogarrio and Cardenas Mora Farm Outs. Below is a summary of the most important terms and conditions of the drafts of the call for bids and Contracts. Deep-water bidding Round 2.4: The CNH will bid 30 contractual areas in the following zones:
2 Bidding Terms: Interested Parties should pay $39.3 MXP to have access to the data rooms. Such payment is only mandatory for the Operator. It is worth mentioning that companies which previously acquired the License codes for the use of the information that corresponds for this bidding should not be required to make this payment. Both Operator and non-operators shall cover the Registry fee of $750,000 MXP. The Bidding day will take place on January 24, The chart below illustrates the most important dates of the bidding process: To prequalify for the bidding process companies have to demonstrate among others, the following: o Technical Requirements: i. Participation in the last 5 years in at least one project of exploration and extraction of hydrocarbons in deep or ultra-deep waters with more than 500 meters of depth; and ii. Capital investments in exploration and/or extraction projects of at least $2 billion USD; and iii. Experience in industrial safety. o Financial Requirements: Operator: i. Shareholder s equity of at least $2 billion USD; or ii. Investment of assets of at least $10 billion USD and an investment credit rate. Non-operator: iii. Shareholder s equity of at least $250 million USD Unlike previous bids, it is established that modifications can be made to the prequalification requirements. Oil and Gas associations such as the Mexican Association of Hydrocarbons Companies ( AMEXHI per its acronym in Spanish), will be able to allowed to request formal meetings with CNH in order to provide comments and feedback of the industry regarding the Bidding Guidelines. Bidders will be able to participate as an individual bidder or as part of one or more consortiums with another operator or non-operator; unlike previous rounds, it was mentioned that there will be no limitation regarding to the number of Consortiums in which an Interested Party may participate. However, the restriction of only submitting one proposal by Contractual Area under any figure the Bidder participates (Individual Bidder or Consortium) remains.
3 The weighted average of the offer or biding factor to determine the winner will be calculated considering the value of the over-royalty, determined as percentage of the contractual value of the hydrocarbons, and the additional investment factor related to the minimum work program, according to the formula provided in the bidding terms. In this regard, unlike previous rounds, it was established that just with the fact of bidding the Maximum Bid Variables of i) Over- Royalty (pending to be published), and ii) the Additional Commitment Factor (2 wells); the Signing Bonus that is offered in case of a tie, will automatically became part of the Economic Value of the Proposal. In other words, even in the case that there is no tie in the Economic Value of Proposals, with only the fact of bidding the Maximum Bid Variables, the Bidder will have the obligation to pay the Signing Bonus. Winning Bidder should provide a Bid Guarantee of $3 million USD for each proposal. The amount of Work Units committed as Minimum Work Program are the following: It is worth mentioning that the Work Units committed as additional to the Minimum Work Program, is equivalent to the value of the exploratory wells that are offered in the Economic Proposal, as shown in the following table: Finally, the Contractor would be able to accumulate Work Units per meter drilled in each exploratory well in accordance with the following table:
4 License for the Exploration and Extraction of Hydrocarbons in Deep Waters: License contracts will be applicable. As stated by the Mexican constitution the Contract provides that hydrocarbons remain property of the Government. The Contractors will have the right to the onerous transfer of the hydrocarbons produced. The initial term of the Contracts will be 35 years. The term may be extended for 2 more periods. Frst extension could be of 10 years and the second extension of 5 years. Contracts include a transition phase of 180 days. In such period the CNH will provide among others the following: o Available information of the Contractual Area for wells and materials, o Assets inventory, o Environmental, industrial safety and operational safety authorizations, and o The social impact study prepared by the Ministry of Energy, as well as the information related to Social Liabilities. o Environmental base line. Contractors have to file a letter of credit as guarantee to comply with their obligations related to the minimum work program. Contractors should also provide a Corporate Guarantee issued by their ultimate holding company or by another entity. In case the Corporate Guarantee is not issued by the ultimate holding company the contractors should file audited consolidated financial statements that demonstrate a shareholder s equity of $5.0 billion USD. In case of a Consortium, the amount should be equal to the $5.0 billion USD multiplied by its percentage of Working Interest. Local content obligations are included: 3%, 6% and 8% during the Exploration Phase and from 4% to 10% during the Development Phase. However, by initiative of one of the CNH s commissioners, it will be requested by the CNH to the Ministry of Economy to increase the percentage during the Development Phase from 10% to 24% in order to further promote the development of the Mexican industry. The proposal is that this new percentage could be reached 10 years after the effective date of the Contract. Contractors may relinquish certain areas of the blocks. Provisions related to the relinquishment of areas and unifications are included. Contractors will be able to commercialize the production by themselves or using other parties. The consideration for the Government will be the i) quota for exploration phase, ii) royalties and iii) over-royalties that will be adjusted according to an R-factor included in the Contracts. The consideration for the contractor will be the onerous transfer of the hydrocarbons. R-factor should be computed on a quarterly basis and is based on the profitability of the contractor. The Contracts include provisions to determine the value of hydrocarbons similar to the ones included in prior rounds. Farm Outs Ogarrio and Cardenas/ Mora: The most important modifications that were made to the Bidding Guidelines, License Contract and the Joint Operating Agreement ( JoA ) are the following: Prequalification requirements: o Technical Requirements: In the Cardenas Mora Farm Out, the wording was changed in order to make technical requirements much more flexible. In the prior version of the Bidding Guidelines it was required proof of experience as Operator in onshore projects of carbonate deposits. With the new modifications, now it is only required to demonstrate experience as Operator in Onshore projects. Definition of the term mature field was included. Minimum level of production during the last five years was reduced from 10 Mboed to 5 Mboed. o Financial Requirements: Shareholder s equity requirement was reduced from $150 MUSD to $130 MUSD. It was confirmed that just with the fact of bidding the Maximum Bid Variable of Over- Royalty (pending to be published), the Signing Bonus that is usually offered in case of a Tie, will automatically become part of the Economic Value of the Proposal. In other words, even in the case that there is no tie in the Economic Value of the Proposals, with only the fact of offering the Maximum Bid Variable, the Bidder will have the obligation to pay the Signing Bonus.
5 The Calendar Dates were also extended. The most relevant modifications are the following: o Period for getting access to the data room (purchase of the License for the use of information): it was extended from July 25 to August 3 rd. o Period for the payment of the registry fee and request of prequalification appointment: it was extended from July 28 to August 8. o The Bidding Day remains on October 4 th, As per SENER request, the JoA was lined up in certain way with the provisions of the License Contract regarding to Pre-existing Damages. Even that there are still some prior environmental contingencies from Pemex that could affect the Winning Bidder, the responsibility and expenses of pre-existing damages will be assumed in accordance with the following: o For wells and certain materials that are determined as not useful for oil activities of the License Contract, PEP will be the responsible party. o For wells and certain materials that are determined as useful for oil activities of the License Contract, PEP and the Winning Bidder will be the responsible in proportion to their participation. It was clarified that Signing Bonus will be split between Pemex and State in an 80% / 20% proportion. Said Signing Bonus, should be paid before the execution of the Contract. It was clarified that the Initial Payment ($190 million USD for Ogarrio and $125 million USD for Cardenas Mora) for Pemex will be structured in the following manner: o An uncertain amount (which should be defined soon by Pemex) plus VAT as purchase of the 50% of the ownership of the assets located in the Contractual Area and that are listed in the JoA. o An uncertain amount (which should be defined soon by Pemex) plus VAT as payment for the right to participate in the oil and gas activities of the Contractual Area. o Pemex is granting the flexibility to pay 50% of this considerations before the signing of the License Contract and the remaining 50% one year later after signing of the License Contract. However, it will request the issuance of a letter of credit for an amount equal to the remaining 50% total balance. o It will be of quite relevance to determine the tax treatment of this payments made to Pemex from an Corporate Income Tax perspective. Contacts: Alfredo Alvarez alfredo.alvarez@mx.ey.com Rodrigo Ochoa rodrigo.ochoa@mx.ey.com Enrique Pérez-Grovas enrique.perezgrovas@ey.com Javier Noguez javier.noguez@ey.com Rodrigo Mondragon rodrigo.mondragon@ey.com Jimena González de Cossío jimena.gonzalez@mx.ey.com José Fano jose.fano@mx.ey.com Yuri Barrueco yuri.barrueco@mx.ey.com Elizabeth Ceballos elizabeth.ceballos@mx.ey.com Salvador Meljem salvador.meljem@mx.ey.com It was confirmed the alternative that the Winning Bidder will have to sell to PEP its proportion of hydrocarbons for a 12 month period. The following appendixes were included in the JoA, which should be of quite relevance to analyze it as it includes important obligations for the Winning Bidder: o Accounting Procedures for the registration to be carried out by the Operator in the Joint Operating Account (i.e. accounting records / electronic systems required by the Winning Bidders, Eligible Expenses that can be registered in the Joint Operating Account, access to Non-Operators) o List of Positions of Personnel Commission (Personnel that may be designated by Pemex) o Personnel Commission Agreement (Personnel service contract that will be executed with Pemex) o Model of Temporary Contract for the sale of Oil and Natural Gas to Pemex Transition Phase provided by the License Contract will be extended from 120 to 180 days. Unless it is an Extraction Contract, it was included in the License Contract the alternative of requesting to CNH the authorization to carry out Exploration activities.
March 7, 2018 ENERGY ALERT
March 7, 2018 ENERGY ALERT CNH publishes the drafts of the bidding terms and License Contract for Round 3, Third Call / Contractual Area Misión Production Sharing Contract execution Summary Bidding terms
More informationDraft of Bidding Terms and License Contract for the second Petroleos Mexicanos (Pemex) deep waters Farm-Out were announced by the CNH
September 21, 2017 ENERGY ALERT Draft of Bidding Terms and License Contract for the second Petroleos Mexicanos (Pemex) deep waters Farm-Out were announced by the CNH On September 18, 2017, the Mexican
More informationDraft of bidding terms and Production Sharing Contract for the first Petróleos Mexicanos (Pemex) Shallow Water Farm-Out were published by the CNH
March 8, 2017 ENERGY ALERT Draft of bidding terms and Production Sharing Contract for the first Petróleos Mexicanos (Pemex) Shallow Water Farm-Out were published by the CNH On March 7, 2017, the Mexican
More informationThe Development Path that have taken Pemex s Farm - Outs in Mexico
April 11 th, 2018 ENERGY ALERT The Development Path that have taken Pemex s Farm - Outs in Mexico By virtue of Round Zero, the Ministry of Energy (SENER per its acronym in Spanish), with the technical
More informationOil & Gas Industry in Mexico. February 2018
Oil & Gas Industry in Mexico February 2018 Update Oil & Gas Industry Page 2 Update Oil & Gas Industry Mexico s Oil & Gas Reform Contract Regimes LFD Bidding Rounds CEE PSC 3. Private Farmouts License PEP
More informationMexico s Energy Reform. November, 2014
Mexico s Energy Reform November, 2014 Fundamental Principles of the Energy Reform 1 Hydrocarbons in the subsurface belong to the Nation. 2 3 Free market access and direct and fair competition amongst state-owned
More informationMexico makes call for bids on 26 onshore blocks for hydrocarbon extraction and issues draft of contracts
June 2015 Oil & Gas alert Update on legislation Mexico makes call for bids on 26 onshore blocks for hydrocarbon extraction and issues draft of contracts On 12 May 2015, authorities in Mexico made a call
More informationGlobal Tax Alert. Mexico s President submits secondary legislation to Congress related to the energy reform. Background.
5 May 2014 Global Tax Alert News from Americas Tax Center EY Americas Tax Center The EY Americas Tax Center brings together the experience and perspectives of over 10,000 tax professionals across the region
More informationImplementing Mexico's Energy Reform. Luis Fernando Herrera Deputy General Director of Hydrocarbons Administration
Implementing Mexico's Energy Reform Luis Fernando Herrera Deputy General Director of Hydrocarbons Administration February, 2015 Despite an increase in investment in exploration and production, Mexican
More informationENERGY REFORM IN MEXICO ROUND ONE DEEP-WATER BID ROUND
ENERGY REFORM IN MEXICO ROUND ONE DEEP-WATER BID ROUND Mexico s National Hydrocarbons Commission (the CNH ) published bid guidelines (the Guidelines ) pursuant to which 10 deep-water oil exploration and
More informationENERGY REFORM IN MEXICO ROUND TWO SHALLOW WATER BID ROUND
ENERGY REFORM IN MEXICO ROUND TWO SHALLOW WATER BID ROUND On July 20, 2016, Mexico s National Hydrocarbons Commission (the CNH ) published bid guidelines (the Guidelines ) pursuant to which 15 shallow
More informationBuilding & Operating Offshore Infrastructure in Mexico; a New Paradigm
Building & Operating Offshore Infrastructure in Mexico; a New Paradigm IPLOCA 2017 Mexico City Carlos Morales Gil 1 Content 1. Legal Framework 2. The Institutions And Its Role 3. Opportunities For Operators
More informationThe New Upstream Sector in Mexico: First Steps
The New Upstream Sector in Mexico: First Steps by Héctor Arangua and Lorenza Molina I. Overview A. Now & Then We are being spectators of a historic transformation as one of the greatest changes in the
More informationMexico s Round One: Bidding and Contract Terms for Shallow Water Areas
Mexico s Round One: Bidding and Contract Terms for Shallow Water Areas ACC Houston February Chapter Meeting CLE Gabriel J. Salinas Mayer Brown LLP February 10, 2015 Table of Contents I. Bidding Terms II.
More informationGlobal Tax Alert News from Americas Tax Center New Mexican fiscal system approved for the oil and gas industry
14 August 2014 Global Tax Alert News from Americas Tax Center EY Americas Tax Center The EY Americas Tax Center brings together the experience and perspectives of over 10,000 tax professionals across the
More informationThe Mexican Model Production Sharing Contract
The Mexican Model Production Sharing Contract Scott Schwind Jones Day, Houston o Office February, 2015 An Overview of the Production Sharing Contract Mexico s National Hydrocarbons Commission (the CNH
More informationSummary of Bidding Terms for Mexico Deepwater Areas
Legal Update December 18, 215 Summary of Bidding Terms for Mexico Deepwater Areas On December 17, 215, the Mexican National Hydrocarbons Commission (CNH) published the bidding and contract terms for 1
More informationMexican Oil & Gas industry Investment opportunities post reform
Mexican Oil & Gas industry Investment opportunities post reform Eagle Ford Consortium Meeting January 29th 2014 Texas A&M International University Student Center Ballroom Laredo, Texas Antonio Juárez January
More informationMexican Energy Sector Investment Opportunities Post Reform
Mexican Energy Sector Investment Opportunities Post Reform Eagle Ford Consortium 3rd Annual Conference Antonio Juárez Director AMESPAC 1 AMESPAC It was created in 2009 to bring together private companies
More informationNewsletter Fall 2014
Newsletter Fall 2014 MEXICO S REVOLUTIONARY ENERGY REFORM: SIX TAKEAWAYS John D. Furlow and Gabriel Salinas 1 Near the end of 2013, Mexican President Enrique Peña Nieto signed into law a sweeping constitutional
More informationECONOMIC ANALYSIS OF THE PETROLEUM FISCAL TERMS OF MEXICO FOR NEW BID ROUNDS
ECONOMIC ANALYSIS OF THE PETROLEUM FISCAL TERMS OF MEXICO FOR NEW BID ROUNDS Dr. A. Pedro H. van Meurs August 29, 2016 EXECUTIVE SUMMARY Mexico amended the Constitution in 2013 in order to permit the participation
More informationContract Terms for Shallow Water Areas
Mexico s Round One: Bidding and Contract Terms for Shallow Water Areas Mayer Brown LLP Mexico Seminar José L. Valera Pablo C. Ferrante Gabriel J. Salinas January 14, 2015 Table of Contents I. Bidding Terms
More informationThe new O&G context in Mexico. October 2014
The new O&G context in Mexico October 2014 Forward-Looking Statement and Cautionary Note Variations If no further specification is included, comparisons are made against the same period of the last year.
More informationPositive Amendments to the Mexican FIBRA E Tax Regime
Santiago Diaz Rivera / Enrique Perez Grovas Latin American Business Center International Tax Services Ernst & Young LLP Positive Amendments to the Mexican FIBRA E Tax Regime With the liberalization of
More informationMexico midstream. Opportunities for investors who move now
Mexico midstream Opportunities for investors who move now opp With energy reform in Mexico under way, companies are eager to participate in the Mexican oil and gas renaissance. One of the biggest opportunities
More informationEnergy Alert. Mexico s Energy Industry. Ronda Uno, First Tender. Timeline. Bidding Guidelines
Energy Alert March 30, 2015 Mexico s Energy Industry Ronda Uno, First Tender On March 25, 2015, the Comisión Nacional de Hidrocarburos ( CNH ) released revised versions of the Bidding Guidelines (the BG
More informationEnergy Reform Hydrocarbon Sector
Energy Reform Hydrocarbon Sector On August 12, 2014, the energy reform package of secondary laws became effective. It revolutionizes and permits private participation in the up-, mid- and downstream of
More informationMexican Energy Reform Adrian Lajous Center on Global Energy Policy June 2014
UPSTREAM REFORM Round Zero, which deals with Pemex legacy assets, already underway The opening of the Mexican upstream to private investment will be a multi-stage, complex process. The first stage known
More informationPreliminary Results as of March 31, May 3, 2017
Preliminary Results as of March 31, 2017 May 3, 2017 Variations Forward-Looking Statement & Cautionary Note If no further specification is included, comparisons are made against the same realized period
More informationMEXICO S ENERGY REFORM AND INVESTMENT OPPORTUNITIES
MEXICO S ENERGY REFORM AND INVESTMENT OPPORTUNITIES NASCO REGIONAL COMPETITIVENESS SUMMIT Corpus Chris8, Texas April 28th, 2015 1 Oil Perspective Hydrocarbons revenues represented 32% of the federal budget
More informationBRAZIL ANNOUNCES NEW BID ROUNDS FOR 2018
BRAZIL ANNOUNCES NEW BID ROUNDS FOR 2018 On November 24, 2017, the Brazilian Official Gazette of the National Energy Policy Council ( CNPE ) published Resolution Nos. 17, 21, and 22. Resolution No. 22
More informationEgyptian Natural Gas Holding Company "EGAS"
Egyptian Natural Gas Holding Company "EGAS" 2012 INTERNATIONAL BID ROUND MAIN CONTRACT TERMS AND CONDITIONS 1- TYPE OF CONTRACT: The Contract shall be a Production Sharing Agreement PSA Model. Contractor
More informationOil and Gas Mexico. Héctor Arangua L, Adalberto Valadez and Oscar Vázquez Nader, Hayaux y Goebel SC. LATIN LAWYER Reference
Oil and Gas 2018 Mexico Héctor Arangua L, Adalberto Valadez and Oscar Vázquez LATIN LAWYER Reference Oil and Gas 2018 Mexico Oil and Gas 2018 Mexico Héctor Arangua L, Adalberto Valadez and Oscar Vázquez
More informationMéxico Proposed Reforms for the O&G Industry
México Proposed Reforms for the O&G Industry Antonio Juárez Director AMESPAC 1 Introduction 2 AMESPAC Was created in 2009 to bring together private companies that perform O&G services for Pemex Looks to
More informationI. What is FIBRA E? (%) E (%)
Fibra E FIBRA E In the framework of the third government report of Mexico s Constitutional President, Enrique Peña Nieto, early in September 2015, it was announced the implementation of several actions
More informationMéxico Proposed Reforms for the O&G Industry. Antonio Juárez Director AMESPAC
México Proposed Reforms for the O&G Industry Antonio Juárez Director AMESPAC 1 AMESPAC Was created in 2009 to bring together private companies that perform O&G services for Pemex Looks to concur, integrate
More informationMexico s Energy Reform
Mexico s Energy Reform Lourdes Melgar, Ph.D. Undersecretary of Hydrocarbons Ministry of Energy February 7, 2014 CONSTITUTIONAL AMENDMENT A historic constitutional energy reform was approved in Mexico in
More informationAddendum to the MPRA containing all compiled revisions and additions to be further incorporated
Addendum to the MPRA containing all compiled revisions and additions to be further incorporated 1. Revised Definitions I. The term "Point of Delivery" has been further simplified and replaced with the
More informationCONTRACT FOR THE EXTRACTION OF HYDROCARBONS UNDER PRODUCTION SHARING MODALITY ENTERED INTO BY THE NATIONAL HYDROCARBONS COMMISSION ABC, AND XYZ 1
UNOFFICIAL ENGLISH TRANSLATION EXTRACTION AREAS CONTRACT FOR THE EXTRACTION OF HYDROCARBONS UNDER PRODUCTION SHARING MODALITY ENTERED INTO BY THE NATIONAL HYDROCARBONS COMMISSION ABC, AND XYZ 1 1 This
More informationMexican Energy Reform, The Case for a New Geophysical Data Market
Mexican Energy Reform, The Case for a New Geophysical Data Market Rafael Alférez February 18st, 2014 www.cnh.gob.mx 1 OUTLINE Mexico Hidrocarbons Facts Energy Reform (upstream) Oil and Gas Potential of
More informationMINISTRY OF OIL & MINERALS SANA'A REPUBLIC OF YEMEN OFFERING FORM
MINISTRY OF OIL & MINERALS SANA'A REPUBLIC OF YEMEN OFFERING FORM FOR INTERNATIONAL BID ROUND FOR EXPLORATION AND PRODUCTION OF HYDROCARBONS (14 acreages). FOR THE YEAR (2006) PROPOSED BID TERMS FOR BLOCK
More informationA Path Towards Improved Profitability
A Path Towards Improved Profitability Jaime del Rio Head of Investor Relations Bonds, Loans and Derivatives Mexico City February 6, 2018 Content 1 2 Lower Oil Prices: How has PEMEX Adapted its Corporate
More informationEXPLORATION OPPORTUNITIES OFFSHORE URUGUAY
EXPLORATION OPPORTUNITIES OFFSHORE URUGUAY Main Features of Bidding Round Terms and Contract Model London, 28 TH of February 2018 M. Eng Santiago Ferro Exploration & Production ANCAP Uruguay: a reliable
More informationEY Oil & Gas Bulletin. July 2014
EY Oil & Gas Bulletin July 2014 Index 1. The energy reform 2. Mexico s president submits secondary legislation to congress related to the energy reform 3. Considerations of the Mexican tax reform effects
More informationInvestor Presentation. March 2017
Investor Presentation March 2017 Content 1 A Snapshot of Mexico & PEMEX E&P Midstream & Downstream Financial Outlook of PEMEX 2016 Results 1 Mexico Snapshot Today, Mexico s fundamentals are stronger, allowing
More informationSECTION VI. CONTRACT
UNOFFICIAL ENGLISH TRANSLATION SECTION VI. CONTRACT FINAL VERSION UNOFFICIAL ENGLISH TRANSLATION CONSORTIUM MODEL 1 CONTRACT FOR THE EXPLORATION AND EXTRACTION OF HYDROCARBONS UNDER PRODUCTION SHARING
More informationNavigating Mexico s Energy Reform: The Upstream Sector
Navigating Mexico s Energy Reform: The Upstream Sector Mexico s 13 energy reform was widespread, encompassing virtually all energy areas, ranging from hydrocarbons to renewables. The oil industry will
More informationPEMEX Outlook. TENEMOS LA ENERGÍA August 2016
PEMEX Outlook TENEMOS LA ENERGÍA August 2016 Disclaimer Variations If no further specification is included, comparisons are made against the same realized period of the last year. Rounding Numbers may
More informationCONTRACT FOR THE EXTRACTION OF HYDROCARBONS UNDER PRODUCTION SHARING MODALITY ENTERED INTO BY THE NATIONAL HYDROCARBONS COMMISSION AND XYZ 1
UNOFFICIAL ENGLISH TRANSLATION EXTRACTION AREAS CONTRACT FOR THE EXTRACTION OF HYDROCARBONS UNDER PRODUCTION SHARING MODALITY ENTERED INTO BY THE NATIONAL HYDROCARBONS COMMISSION AND XYZ 1 1 This model
More informationMexico s Energy Reform Institutional framework
Mexico s Energy Reform Institutional framework Juan Carlos Zepeda March, 2014 www.cnh.gob.mx Reserves and prospective resources Basin Accumalated Production Reserves Prospective Resources 1P 2P 3P Conv.
More informationMexican energy reform Privatization creates new opportunities and prospects
Mexican energy reform Privatization creates new opportunities and prospects Mexico is experiencing a historic shift in its energy sector, primarily due to 2013 legislation that allows private investment
More informationLegislation, Contractual and Fiscal Terms
Legislation, Contractual and Fiscal Terms Contents: Key legislation, regulations and guidelines applicable to upstream petroleum activities Organizational Structure of the Upstream Petroleum Industry License
More informationThe Energy Reform (Mexico)
The Energy Reform (Mexico) Jan 16, 2015 Top Ten By Bruno Viñals, Guillermo Cuadra, Cuesta Campos Abogados This resource is sponsored by: By Bruno Viñals and Guillermo Cuadra, Cuesta Campos Y Asociados,
More informationNigeria. Chisom Nneka Udechukwu Latifat Folashade Yusuff Legal practitioners
Chisom Nneka Udechukwu Latifat Folashade Yusuff Legal practitioners 1. Introduction The oil industry in Nigeria dates back to the 1950s when oil was discovered in Oloibiri 1 after 50 years of oil exploration.
More informationCOMMENTS ON THE PROPOSED HYDROCARBON REVENUE LAW FOR MEXICO. June 2, Dr. Pedro van Meurs
COMMENTS ON THE PROPOSED HYDROCARBON REVENUE LAW FOR MEXICO June 2, 2014 Dr. Pedro van Meurs SUMMARY AND CONCLUSIONS The passing of the Constitutional amendments in Mexico was a very positive development
More informationReport on Proposed Mexico Model Contract and Bid Conditions for First Shallow Water Bid Round
PUBLIC COMMENT on CNH Model Contract Report on Proposed Mexico Model Contract and Bid Conditions for First Shallow Water Bid Round (March 25, 2015 version) Dr. Pedro van Meurs 1 & J. Jay Park, Q.C. 2 April
More informationNew Perspectives & Opportunities in the Oil & Gas Sector in Mexico. March 2014
New Perspectives & Opportunities in the Oil & Gas Sector in Mexico March 2014 Agenda: - Timetable after Energy Reform - New distribution of roles - Future investment opportunities in Mexico s energy -
More informationEY LAW Flash / Mexico s FIBRA E Legal Framework viernes, 18 de septiembre de 2015
EY LAW Flash / Mexico s FIBRA E Legal Framework viernes, 18 de septiembre de 2015 Mexico s FIBRA E Legal Framework In the framework of the third government report of Mexico s Constitutional President,
More informationMYANMAR LEGAL. Myanmar Upstream Oil & Gas Sector. July 2013
7/160713 Myanmar Upstream Oil & Gas Sector July 2013 Albert T. Chandler Chandler & Thong-ek Law Offices Ltd. 7/F Bubhajit Building 20 North Sathorn Road Bangkok 10500, Thailand T: (662) 266-6485 www.ctlo.com
More informationConducting oil and gas activities in Kenya
Conducting oil and gas activities in Kenya Laws and regulations List the main legislation governing petroleum exploration and production activity in your country. The main laws governing petroleum exploration
More informationReform of the Mexican Energy Sector Guillermo Zúñiga Martínez Commissioner Energy Regulatory Commission September, 2015
Reform of the Mexican Energy Sector Guillermo Zúñiga Martínez Commissioner Energy Regulatory Commission September, 2015 *The opinions and facts are sole responsibility of the speaker During 2013 and 2014,
More informationFinancial Results of Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies as of December 31, ,2
March 1, 2011 Financial Results of Petróleos Mexicanos, Subsidiary Entities and Subsidiary Companies as of December 31, 2010 1,2 Fourth quarter 2010 summary Total revenues from sales and services increased
More informationMyanmar Upstream Oil & Gas Sector
5/120613 Myanmar Upstream Oil & Gas Sector June 2013 Albert T. Chandler Chandler & Thong-ek Law Offices Ltd. 7/F Bubhajit Building 20 North Sathorn Road Bangkok 10500, Thailand T: (662) 266-6485 www.ctlo.com
More informationFISCAL TERMS, MODEL PRODUCTION SHARING AGREEMENT-2013 AND BIDDING INSTRUCTIONS 4 TH LICENCING ROUND. Kelvin Komba
4 th TANZANIA LICENSING ROUND FISCAL TERMS, MODEL PRODUCTION SHARING AGREEMENT-2013 AND BIDDING INSTRUCTIONS 4 TH LICENCING ROUND Kelvin Komba Senior Principal Geophysicist TANZANIA PETROLEUM DEVELOPMENT
More informationSHIFTING INTO 2018: A SNAPSHOT OF MEXICO S ENERGY SECTOR
SHIFTING INTO 2018: A SNAPSHOT OF MEXICO S ENERGY SECTOR More than four years have passed since the much-awaited approval and consequent implementation of the constitutional energy reform. During this
More informationMexico Round 1.4 and Trion Farmout Background and Results
Mexico Round 1.4 and Trion Farmout Background and Results US Mexico Energy Forum Energy Forum The Woodlands, December 9, 2016 Overview Trion the first Pemex farmout Migration of two Round 0 Entitlements
More informationLICENSE CONTRACT FOR THE EXPLORATION AND EXTRACTION OF HYDROCARBONS (DEEPWATER) ENTERED INTO BY THE NATIONAL HYDROCARBONS COMMISSION,
CONSORTIUM MODEL Invitation to Bidding CNH-A1-TRION-C1/2016 LICENSE CONTRACT FOR THE EXPLORATION AND EXTRACTION OF HYDROCARBONS (DEEPWATER) ENTERED INTO BY THE NATIONAL HYDROCARBONS COMMISSION, PEMEX EXPLORACIÓN
More informationNATIONAL HYDROCARBONS COMMISSION
Round 1 Onshore Fields Third Invitation to Bid NATIONAL HYDROCARBONS COMMISSION BIDDING GUIDELINES FOR THE AWARD OF LICENSE CONTRACTS FOR THE EXTRACTION OF HYDROCARBONS IN ONSHORE CONTRACT AREAS THIRD
More informationMYANMAR LEGAL. Fb February Albert T. Chandler 2/ /F Bubhajit Building 20 North Sathorn Road Bangkok 10500, Thailand.
2/210213 Myanmar Upstream Oil & Gas Sector Fb February 2013 Albert T. Chandler Chandler & Thong-ek Law Offices Ltd. 7/F Bubhajit Building 20 North Sathorn Road Bangkok 10500, Thailand T: (662) 266-6485
More informationInvestor Presentation. November 2017
Investor Presentation November 2017 Content 1 A Snapshot of PEMEX Upstream Midstream & Downstream Overall Financial Performance Business Outlook 1 O&G: The Industry Moving the World According to the IEA,
More informationLegal framework governing upstream investments
Ministry of Energy of Algeria National Agency for Valorization of Hydrocarbons Resources ALNAFT Legal framework governing upstream investments Dr. S.A. BETATA President of ALNAFT Agency. 2016 US ALGERIA
More informationINVESTING IN MEXICO S PETROLEUM OPPORTUNITIES ECONOMIC & LEGAL WORKSHOP
CERTIFIED WORKSHOP: BAC ACCREDITED INVESTING IN MEXICO S PETROLEUM OPPORTUNITIES ECONOMIC & LEGAL WORKSHOP 08-09 June 2015 Mexico City, Mexico BY ATTENDING THIS WORKSHOP YOU WILL: Determine the various
More informationThe Mining Industry in Mexico: A Long Tradition, A Promising Future
The Mining Industry in Mexico: A Long Tradition, A Promising Future M exico is one of the world s largest producers of metals and minerals. Total output has risen sharply over the past two decades, reaching
More informationFAQs: OALP Bid Round I (Facilitation Workshop) January (Updated on 7 th February, 2018)
FAQs: OALP Bid Round I (Facilitation Workshop) January 2018 (Updated on 7 th February, 2018) Q1) For LRP and HRP, low end number equivalent in monetary terms and high end number has been given. Is it the
More informationPRIVATE SECTOR PARTICIPATION IN THE ENERGY SECTOR 1
PRIVATE SECTOR PARTICIPATION IN THE ENERGY SECTOR 1 Sergio Olivar Marissa Orozco Noriega y Escobedo, A.C. Among the structural reforms being undertaken in Mexico, the reform to the energy sector stands
More informationInvestor Presentation. March 2018
Investor Presentation March 2018 Content 1 PEMEX Snapshot 2 Upstream 3 Midstream & Downstream 4 Financial Performance 1 PEMEX: Integrated Oil & Gas Company Upstream Downstream Midstream Commercialization
More informationProduction Sharing Contracts In Context
Comparative Analysis of Host Government Granting Instruments Production Sharing Contracts In Context Ben H. Welmaker, Jr. Baker & McKenzie International is a Swiss Verein with member law firms around the
More informationEco (Atlantic) Oil & Gas Ltd. (An Exploration Stage Company)
Condensed Consolidated Interim Financial Statements For the Three and Nine Month Periods ended December 31, 2017 (Unaudited) Table of Contents Page Unaudited Condensed Consolidated Interim Statements of
More informationSOCIEDAD CONCESIONARIA AUTOVÍA A-4 MADRID, S.A.
Annual Accounts at 31 December 2017 and Directors Report for 2017 A free translation from the original in Spanish CONTENT OF THE ANNUAL ACCOUNTS OF Note Balance sheet Income statement Statement of recognized
More informationTHE OPENING OF MEXICO S ENERGY SECTOR
THE OPENING OF MEXICO S ENERGY SECTOR Insight into Mexico s Energy Reform Dallas Parker Gabriel Salinas Mayer Brown LLP February 11, 2014 Overview of Presentation INTRODUCTION I. UPSTREAM II. MIDSTREAM
More informationIHS Petroleum Economics and Policy Solutions
IHS ENERGY IHS Petroleum Economics and Policy Solutions Complete Country E&P Information and Petroleum Sector Risk Analysis A Complete Solution for Country E&P Information and Petroleum Sector Risk Analysis
More informationRoyalty Relief for U.S. Deepwater Oil and Gas Leases
Order Code RS22567 Updated September 18, 2008 Summary Royalty Relief for U.S. Deepwater Oil and Gas Leases Marc Humphries Analyst in Energy Policy Resources, Science, and Industry Division The most common
More informationRoyalty Relief for U.S. Deepwater Oil and Gas Leases
Order Code RS22567 Updated March 19, 2007 Summary Royalty Relief for U.S. Deepwater Oil and Gas Leases Marc Humphries Analyst in Energy Policy Resources, Science, and Industry Division The most common
More informationResults as of the 3 rd Quarter of 2010
Results as of the 3 rd Quarter of 2010 October 29, 2010 Forward-Looking Statement and Cautionary Note (1/2) Variations If no further specification is included, changes are made against the same period
More informationUNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C FORM 10-Q
10-Q 1 f10q0314_zionoil.htm FORM 10-Q MARK ONE UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q x Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange
More informationTaiwo Ogunleye, Ph.D
Taiwo Ogunleye, Ph.D Background The Nigerian Petroleum sector reform started as far back as 2000, it culminated into a Bill, which was transmitted to the Sixth National Assembly for passage into law but
More informationMexico modifies transfer pricing deadlines for filers of DISIF
16 February 2018 Global Tax Alert News from Americas Tax Center and Transfer Pricing Mexico modifies transfer pricing deadlines for filers of DISIF EY Global Tax Alert Library The EY Americas Tax Center
More informationCanadian Developments in Oil and Gas Taxation
Canadian Developments in Oil and Gas Taxation Jim Greene Tax Policy Branch OECD Workshop - November 18-19, 2010 Outline Oil and gas federal and provincial roles Corporate tax treatment of oil and gas production
More informationInternational Shale Development Challenges & Opportunities: Mexico & Argentina
International Shale Development Challenges & Opportunities: Mexico & Argentina October 5, 2016 Chuck Whisman, Global Energy Market Director, CH2M Charles.Whisman@ch2m.com Upstream Oil & Gas Impact in Mexico
More informationMexican Tax Authorities publish format for filing 2014 DIEMSE
26 February 2016 Global Tax Alert News from Americas Tax Center Mexican Tax Authorities publish format for filing 2014 DIEMSE EY Global Tax Alert Library The EY Americas Tax Center brings together the
More informationOil and Gas. Stoneham Rig 11, at Parsons Pond (Nalcor Energy Oil and Gas) Oil Production. 160 White Rose
Oil and Gas Stoneham Rig 11, at Parsons Pond (Nalcor Energy Oil and Gas) Oil Production The provincial oil and gas industry has experienced tremendous growth since first oil was extracted from Hibernia
More informationMexican Oil RefORM: The first TwO Bidding ROunds, farmouts and contractual conversions in a lower Oil PRice environment By Adrián Lajous OCTOBER 2015
Mexican Oil Reform: The First Two Bidding Rounds, Farmouts and Contractual Conversions in a Lower Oil Price Environment By Adrián Lajous OCTOBER 2015 b chapter name About the Center on Global Energy Policy
More informationthereon for stakeholders, especially businesses.
29 March 2017 Implications of Nigeria s Draft Petroleum Fiscal Policy Nevertheless, the Nigerian government needs to strike a balance between the country s drive for increased oil revenue in the short
More informationMexico s Energy Reform & PEMEX as a State Productive Enterprise. October 2014
Mexico s Energy Reform & PEMEX as a State Productive Enterprise October 2014 Forward-Looking Statement and Cautionary Note Variations If no further specification is included, comparisons are made against
More informationGUIDELINES ON THE ISSUANCE OF EXPLORATION LICENCES
GUIDELINES ON THE ISSUANCE OF EXPLORATION LICENCES APPLIES TO CALL FOR BIDS NS12-1 AND FORWARD Revised January 2012 Table of Contents 1. INTRODUCTION... 1 1.1 PURPOSE... 1 1.2 LEGISLATIVE OR REGULATORY
More informationEAST WEST PETROLEUM CORP.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED SEPTEMBER 30, NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS In accordance with National
More informationEAST WEST PETROLEUM CORP.
CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED DECEMBER 31, NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS In accordance with National
More informationThe House of Representatives has passed and sent
A TAXPAYER s guide to deep water royalty relief The House of Representatives has passed and sent to the Senate H.R. 6, legislation to repeal certain tax and royalty incentives enacted previously to stimulate
More informationInvestor Presentation. December 2017
Investor Presentation December 2017 Content 1 A Snapshot of PEMEX Upstream Midstream & Downstream Overall Financial Performance Business Outlook 1 O&G: The Industry Moving the World According to the IEA,
More informationTwenty-Fourth Meeting of the IMF Committee on Balance of Payments Statistics Moscow, Russia October 24 26, 2011
BOPCOM 11/17 Twenty-Fourth Meeting of the IMF Committee on Balance of Payments Statistics Moscow, Russia October 24 26, 2011 Production Sharing Agreements Prepared by the Central Bank of Russia 2 3 Introduction
More information