Trion ? CNH Calls For Public Bid for First 'Pemex Farmout'

July 29, 2016

On July 28, 2016, the National Hydrocarbons Commission (Comisión Nacional de Hidrocarburos) (“CNH”) called an international public bid for the selection of a partner for Pemex Exploración y Producción (“Pemex”) to pursue exploration and production activities in the Trion field, located in deep waters in the Gulf of Mexico, and, through this vehicle, to migrate Pemex Entitlements AE-0092 Cinturón Subsalino-10 and AE-0093 Cinturón Subsalino-11 to an exploration and production contract in the form of a license. The model license contract is accompanied by a model joint operating agreement (“JOA”). Notably, this is the first public bid called by CNH to enable Pemex to develop hydrocarbon fields with the participation of the private sector, and the first time CNH issues a model JOA.


To read the full alert, click on the PDF linked below.