Pacific Rubiales signs MoU with Pemex to jointly explore oil & gas business opportunities in Mexico
Pacific Rubiales Energy Corp. (TSX: PRE) (BVC: PREC) (BOVESPA: PREB) announced that it has entered into a three year Memorandum of Understanding and Cooperation (the “MOU”) with Mexico’s state oil company, Petróleos Mexicanos and its subsidiary entities (“Pemex”) establishing the basis for discussions and analysis of potential oil and gas cooperation in Mexico, including exploration, deep-water projects, revitalization of mature fields, heavy and extra-heavy oil onshore and offshore fields, high water production fields and other upstream activities.
The MOU establishes a cooperative framework in order to exchange technical knowledge, information, experiences and practices, as well as any other mutually identified areas of interest. These may include upstream, midstream, human capital, and environmental and safety, knowledge and opportunities.
Ronald Pantin, Chief Executive Officer of the Company, commented:
“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.”
Pacific Rubiales, a Canadian company and producer of natural gas and crude oil, owns 100% of Meta Petroleum Corp., which operates the Rubiales, Piriri and Quifa heavy oil fields in the Llanos Basin, and 100% of Pacific Stratus Energy Colombia Corp., which operates the La Creciente natural gas field in the northwestern area of Colombia. Pacific Rubiales also previously acquired 100% of Petrominerales Ltd, which owns light and heavy oil assets in Colombia and oil and gas assets in Peru, 100% of PetroMagdalena Energy Corp., which owns light oil assets in Colombia, and 100% of C&C Energia Ltd., which owns light oil assets in the Llanos Basin. In addition, the Company has a diversified portfolio of assets beyond Colombia, which includes producing and exploration assets in Peru, Guatemala, Brazil, Guyana, Belize and Papua New Guinea.
The Company’s common shares trade on the Toronto Stock Exchange and La Bolsa de Valores de Colombia and as Brazilian Depositary Receipts on Brazil’s Bolsa de ValoresMercadorias e Futuros under the ticker symbols PRE, PREC, and PREB, respectively.