Exclusive: Pemex Likely To Be Denied Request For Oil Field Contract Change

One America News Network | 1/2/2017 | Staff
donuzumaki (Posted by) Level 3
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MEXICO CITY (Reuters) – Mexico’s cash-strapped state oil company Pemex has requested authorities allow it to place its top oil field Ku Maloob Zaap (KMZ) under an exploration and extraction contract to lower its taxes, but the request will likely be denied, sources said.

Ku Maloob Zaap, located in the shallow waters of the southern Gulf of Mexico, produces 40 percent of Pemex´s current crude output.

Mexico - Energy - Reform - Pemex - Status

Under Mexico’s 2013 energy reform, Pemex can change the status of its oil fields to exploration and extraction contracts, usually to partner with a private company. In this case the state-run company requested the change with no partner, four sources involved in the process told Reuters.

“Pemex is asking for the migration to a contract with the goal of reducing its fiscal burden,” one of the sources told Reuters. Another of the sources also...
(Excerpt) Read more at: One America News Network
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