Press

Pemex and Block 7 Consortium Sign Pre-Unitization Agreement

Posted by OilVoice Press - OilVoice

21-Sep-2018


MEXICO CITY, Sept. 21, 2018 /PRNewswire/ -- Petróleos Mexicanos (Pemex) and Talos Energy (NYSE:TALO), as operator of the Block 7 Consortium, are pleased to announce that Pemex and the international Block 7 Consortium (Talos Energy, Sierra Oil and Gas, and Premier Oil) have signed a Pre-Unitization Agreement (PUA) related to certain tracts within the Amoca-Yaxche-03 allocation (assigned to Pemex as part of Round 0) and the contiguous Block 7 production sharing contract (assigned to the consortium by the National Hydrocarbons Commission as part of the first tender of Round 1). Both areas are situated in the offshore portion of Mexico's prolific Southeast Basin.

This is the first Pre-Unitization Agreement ever to be signed in Mexico. Under the country's recently revamped legal and regulatory framework, this two-year agreement enables information sharing related to the recently announced Zama discovery and its potential extension into Pemex's neighboring block. It also sets a clear path for the signing of a Unit Agreement and Unit Operating Agreement in the event a shared reservoir is confirmed, as it establishes a defined process based on international practices to determine the resulting participation of each party in the potential overall development.

As a result of the agreement, both parties will immediately form a Working Group, with the objectives of maximizing operational and informational efficiencies, defining activities on each tract that optimize the collection of data in the area, and reducing any potential hazards, all to maximize the benefits for México. The Working Group will be comprised by legal and technical representatives from the member companies.

The PUA has previously been approved by the Ministry of Energy (SENER).

PemexBlock 7Talos EnergyNYSESierra Oil & GasPremier OilOffshoreMexico

More items from oilvoice


University of Aberdeen Media Release: Study Highlights Prospects for Long Term Economic Recovery From UK Continental Shelf (UKCS)

A new research study produced by Professor Alex Kemp and Linda Stephen from the University of Aberdeen highlights enhanced prospects for long-term activity from the UK Continental Shelf (UKCS) compared to previous studies, indicating that the ambitious targets in the OGA's Vision 2035 are achievab ...

OilVoice Press - OilVoice


Posted 48 minutes agoPress > UKCSUnited Kingdom Continental ShelfUnited Kingdom +4

Equinor: Rowan Stavanger to Drill for Gudrun

Rowan Norway Limited has been awarded a contract for drilling two wells at the Gudrun field by use of the Rowan Stavanger jack-up rig. The rig has furthermore been awarded five options for drilling of single wells.     The value of the fixed part of the contract is ...

OilVoice Press - OilVoice


Posted 2 hours agoPress > EquinorEquinor EnergyRowan Stavanger +5

NPD: Production Figures September 2018

Preliminary production figures for September 2018 show an average daily production of 1 607 000 barrels of oil, NGL and condensate, which is a decrease of 255 000 barrels per day compared to August. Total gas sales were 9.0 billion Sm 3 (GSm 3 ), which is a decrease of 1.2 GSM 3 from the previo ...

OilVoice Press - OilVoice


Posted 4 hours agoPress > NorwayNorwegian Petroleum DirectorateNPD

Wood Wins UK Nuclear New Build Contract

Hitachi Nuclear Energy Europe (HNE) has appointed Wood as architect engineering support partner to the Wylfa Newydd nuclear power plant project in the UK. Effective immediately, the appointment is expected to transition into a 10-year framework, extending up to the start of commercial operations, ...

OilVoice Press - OilVoice


Posted 4 hours agoPress > WoodUnited KingdomNuclear +3

Sentinel Marine Makes Further Fleet Investment With New Platform Supply Vessel

Offshore support vessel operator Sentinel Marine is adding to its state-of-the-art fleet with the purchase and major refit of a multi-role ship. The Aberdeen-based firm, which has just seen the eighth of nine new builds commence operations in the North Sea, expects that Scotian Sentinel will enter ...

OilVoice Press - OilVoice


Posted 4 hours agoPress > Offshoreplatformvessel +4
All posts from oilvoice