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Pacific Rubiales hones in on burgeoning Mexico upstream market with Pemex agreement

17th October 2014

Pacific Rubiales, a primarily Colombia-focussed exploration and production company, has turned to address Mexico’s blossoming post-reform oil and gas industry with a three-year Pemex cooperation agreement

Pacific Rubiales hones in on burgeoning Mexico upstream market with Pemex agreement
The MOU establishes a cooperative framework in order to exchange technical knowledge, information, experiences and practices, as well as any other mutually identified areas of interest

Pacific Rubiales Energy has entered into a three-year memorandum of understanding and cooperation (MOU) with Mexico's state oil company, Petróleos Mexicanos (Pemex), establishing the basis for discussions and analysis of potential oil and gas cooperation in Mexico, including exploration, deep-water projects, revitalisation of mature fields, heavy and extra-heavy oil onshore and offshore fields, high water production fields and other upstream activities.

"We are very pleased to be one of the first foreign independent oil and gas producers to sign an agreement with Pemex and look forward to working together to develop a sustainable energy sector in Mexico,” said Ronald Pantin, Pacific Rubiales chief executive officer.

“This partnership combines the strengths and advantages of both companies to identify and pursue collaboration opportunities offered by the recent opening up of the Mexican oil and gas sector to foreign investment.

"We expect Mexico will be a significant driver of future growth for Pacific Rubiales and are committed to further advancing our plans in the country as we continue to build the leading Independent Latin American focused exploration and production company."

The MOU establishes a cooperative framework in order to exchange technical knowledge, information, experiences and practices, as well as any other mutually identified areas of interest. These may include upstream, midstream, human capital, and environmental and safety, knowledge and opportunities.

 

 

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