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Mexico & Nafta - September 2011 (ISSN 1741-444X)
Petrofac breaks in
On 18 August Mexico’s state oil monopoly, Petróleos Mexicanos (Pemex), allowed a British oil services company, Petrofac Facilities Management, to take over two onshore oil fields and a Mexican company, Administradora de Proyectos en Campo, to take over another. This is the first time since 1938, when the Mexican oil industry was nationalised, that a foreign company has been allowed an incentivised contract to develop mature oilfields. The 25 year contract commits Petrofac to investing US$500m in developing two blocs. Petrofac will take a commission of US$5.01 for each barrel of oil it extracts from the two mature fields, Magallanes and Santuario, where it will operate.
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