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October 19, 2014

Pacific Rubiales Pemex to jointly explore oil and gas business opportunities in Mexico

Pacific Rubiales Energy has signed a three-year memorandum of understanding (MoU) and cooperation with Petróleos Mexicanos and its subsidiary entities (Pemex) to jointly explore oil and gas business opportunities in Mexico.

Pacific Rubiales Energy has signed a three-year memorandum of understanding (MoU) and cooperation with Petróleos Mexicanos and its subsidiary entities (Pemex) to jointly explore oil and gas business opportunities in Mexico.

The MoU will include discussions and analysis on several possible projects, including exploration, deepwater developments, revitalisation of mature fields, heavy and extra-heavy oil onshore and offshore fields, highwater production field and other upstream activities.

Both firms will exchange technical knowledge, information, experiences and practices, as well as any other mutually identified areas of interest.

"The MoU will include discussions and analysis on several possible projects including exploration, deepwater developments, revitalisation of mature fields, heavy and extra-heavy oil onshore and offshore fields."

The areas may include upstream, midstream, human capital, and environmental and safety, knowledge and opportunities.

Pacific Rubiales Energy chief executive officer Ronald Pantin said: "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.

"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 E&P Company."

Canada-based Pacific Rubiales owns 100% of Meta Petroleum, which operates the Rubiales, Piriri and Quifa heavy oil fields in the Llanos Basin.

The company also owns 100% of Pacific Stratus Energy Colombia, which operates the La Creciente natural gas field in the north-western area of Colombia.

Energy

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