Petróleos Mexicanos (Pemex) will sign the first five mixed contracts with private companies on December 19 to increase oil and gas production. The winning companies include Consorcio Petrolero 5M del Golfo, Geolis, CESIGSA, and Petrolera Miahuapan. These agreements aim to recover substantial amounts of hydrocarbons over the next 20 years.
Pemex has awarded five initial mixed contracts with private companies, according to an internal document. The signing is scheduled for December 19. The goal is to boost oil and gas production through collaborations that benefit the state-owned oil firm.
The first contract covers the Tamaulipas Constituciones area, where Consorcio Petrolero 5M del Golfo (C5M) will partner with Pemex, which will hold 80% participation and receive a bonus of 5.15 million dollars. It expects to recover 78.8 million barrels of hydrocarbons and 96.1 billion cubic feet of gas over 20 years.
In the Cuervito area, in the Burgos Basin, Geolis will join Pemex with 46% state participation and a bonus of 5.711 million dollars. The project could yield 244.8 billion cubic feet of gas over two decades.
CESIGSA won the contract for Tupilco Terciario, with Pemex at 64% and a bonus of 3 million dollars. By 2034, it is projected to recover 6.8 million barrels of hydrocarbons and 3.2 billion cubic feet of gas.
C5M will also secure the Sini-Caparroso area, where Pemex has 84% and the highest bonus of 25.2 million dollars. Anticipated output includes 28.6 million barrels and 72.4 billion cubic feet of gas in 20 years.
Finally, Petrolera Miahuapan will work on Agua Fría, with Pemex at 48% and a bonus of up to 10.7 million dollars. The potential encompasses 128.9 million barrels and 201.5 billion cubic feet of gas.
Overall, Pemex will receive bonuses totaling 49.84 million dollars. President Claudia Sheinbaum defended this mixed investment in her morning press conference: “There can be mixed investment, especially when there are not sufficient resources because during the entire neoliberal period they left a highly indebted Pemex.” She added that the aim is to benefit the Mexican people, avoiding contracts disadvantageous to the public sector. Pemex plans to disclose details officially.
