Pacific Rubiales Formalizes Upstream Discussions with PEMEX

pacific rubiales energyToronto-headquartered Pacific Rubiales Energy Corp. announced today that it has entered into a three year Memorandum of Understanding (MoU) and cooperation agreement with Mexico’s state oil company, Petróleos Mexicanos (Pemex).

“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,” commented Ronald Pantin, CEO of Pacific Rubiales Energy.

“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,” added Pantin.

The purpose of the MoU is to establish the basis for both companies to discuss and analyze upstream oil and gas opportunities 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 activities.

Pacific Rubiales is pioneering the world’s first floating natural gas liquefaction facility which will be owned, operated and maintained by Exmar.   This facility will be moored off Colombia and will serve as a primary export link for the country’s gas resources handling up to 70 million cubic feet per day of natural gas.

Project completion is expected in 2H 2015.