Insight
Pemex portfolio after Round Zero: Entry opportunities into Mexico
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Report summary
In December 2013, a constitutional reform was passed to overhaul the Mexican energy sector. The specific laws of the reform, known as the secondary legislation, are expected to pass by May 2014. Concurrently, Pemex is undergoing an internal portfolio revision process known as Round Zero. The process, which will require the approval of the Energy Secretary and the National Hydrocarbons Commission (CNH), will determine which upstream assets Pemex will retain and which it will relinquish.
Table of contents
- Executive summary
- Overview
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The commercial landscape will be established after Round Zero
- Pemex will retain the shallow-water and large onshore fields due to its expertise
- Standalone gas fields have strategic importance to Mexico, despite their poor economics for Pemex
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Pemex will look for partners in challenging developments
- Deepwater will offer the largest upside for potential partners
- Mexico's extra-heavy shallow water fields are a unique opportunity worldwide
- Chicontepec requires companies with experience in horizontal drilling
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Pemex will most likely dispose of its lowest performing oil assets to focus on projects with better returns
- Pemex has a long tail of marginal assets that drag its performance down
- The unconventional story in Mexico is still at an infancy stage
- Mexico's service sector will benefit from the reform
- We expect numerous entry opportunities in 2015, but challenges still lie ahead
Tables and charts
This report includes 4 images and tables including:
- Pemex portfolio after Round Zero: Entry opportunities into Mexico: Image 4
- The Samaria-Luna business unit and the Cantarell/Ku-Maloob-Zaap fields
- The Chicontepec fields and the Perdido Area
- Pemex portfolio after Round Zero: Entry opportunities into Mexico: Image 3
What's included
This report contains:
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