Pemex outlines restructuring plans

Petroleos Mexicanos (Pemex) reported it is establishing affiliates to provide drilling, logistics, and electricity services as part of its corporate restructuring in response to Mexico’s sweeping energy reform that ended Pemex’s monopoly on oil and gas activities.

In an Aug. 20 statement, Pemex said it plans to keep its exploration and production unit while consolidating its divisions focused on natural gas, refining, and petrochemicals into one unit to be known as the industrial transformation division.

Pemex also plans subsidiaries within the two divisions. One subsidiary will offer drilling services to private and foreign companies entering Mexico’s oil and gas businesses. Mexico’s government officials have suggested the first private contracts might be announced as early as the 2015 first quarter.

Mexico’s energy reform legislation was signed into law earlier this month (OGJ Online, Aug. 18, 2014).