A New Era for PEMEX. PEMEX Investor Day London October 6, EMILIO LOZOYA AUSTIN Chief Executive Officer

Transcription

1 A New Era for PEMEX PEMEX Investor Day London October 6, 2015 EMILIO LOZOYA AUSTIN Chief Executive Officer

2 Energy Reform 21 laws New Regulatory Framework 26 rules of implementation Strengthening CRE and CNH Institutions Creation of: ASEA, CENACE, CENAGAS, FMP Productive State-owned Companies Pemex and CFE Round zero Rounds Round 1 2

3 II. PEMEX TODAY 3

4 New Legal Framework Transforming PEMEX New corporate governance New fiscal regime Change in Strategy Managerial autonomy Budgetary autonomy New regime for internal control New compensation policy New procurement regime Strategic alliances Round Zero PEMEX: A competitive firm Pension fund restructuring Change in Corporate Structure Cultural Change A L I G N 4

5 Transforming PEMEX: Strategy Change in strategic vision Leading competitor in each relevant market Choice of markets Choice of partners Choice of business model in each market 5

6 Transforming PEMEX: New Corporate Structure Exploration and Production Optimal output Sustainable growth of reserves Downstream Operational efficiency for competitiveness Focused growth in selected markets New affiliates Cogeneration Drilling services Logistics Ethylene Fertilizers 6

7 Transforming PEMEX: Corporate Culture Cultural change Values, attitudes and behavior for competitiveness Strengthen leadership and develop human capital Meritocratic compensation policy Career plans PEMEX s Corporate University Continuous acquisition of skills and competencies 7

8 III. NEW E&P PARTNERSHIP OPPORTUNITIES 8

9 Low Production and Replacement Cost Production Costs a,b 2013 / boe Finding & Development Costs c,d,e USD / boe f Production Costs 1 USD / bpce f Finding & Development Costs 2,3,4 USD / bpce PEMEX 2013 PEMEX 2014 Statoil Total Exxon Eni Conoco BP Shell Chevron Petrobras PEMEX 2013 BP Exxon Conoco PEMEX 2014 ENI Chevron Petrobras Statoil Shell Total a) Data in real terms after adjustment for the effect of inflation. b) Source: 20-F Form 2013 c) PEMEX estimates 3 years average d) Includes indirect administration expenses. e) Proved Reserves. f) For analysis purposes, the 2014 production cost 8.22 USD/boe is estimated at 2013 USD = 8.09 USD/boe 1. Source: Annual Reports and SEC Reports Estimates based on John S. Herold Company Performance Metrics, years average performance calculations 4. Proved Reserves 9

10 New era in Mexico implies significant opportunities to grow Million barrels per day Stage 3 P r o d u c t i o n Stage Round Zero PSCs Stage Round Zero plus future Rounds PSCs Shallow water Extra-heavy oil Unconventional South Region Round Zero plus future Rounds PSCs Extra-heavy oil Unconventional Deepwater Time Source: Pemex Exploration and Production 10

11 PEMEX s Reserves and Prospective Resources Gas and oil basins Billion barrels of oil equivalent 28.4 Non-conventional (shale oil and gas) 1) Reserves as of January 1, 2015; only includes permanent blocks Source: Pemex Exploration and Production Basin Prospective Reserves Cumulative resources Prod. 1P 2P 3P Nonconv. Conv. (90%) (50%) (10%) Southeast Tampico Misantla Burgos Veracruz Sabinas Deep water Yucatán Platform - Total Development and production projects Exploration projects 11

12 Round Zero: PEMEX s Assignments Surface area: 34.7 thousand mi 2 (90 thousand km 2 ) 83% of Mexico s 2P reserves 21% of Mexico s prospective resources Production platform: 2.5 MMbd for 20.5 years Source: SENER, CNH 12

13 Round One Calendar Areas and fields Shallow water exploration Shallow water extraction Mature fields Deep water and extra heavy oil unconventional Chicontepec Bid launch date December 2014 February 2015 May 2015 TBD Data rooms open January 2015 March 2015 May 2015 TBD Areas 14 exploration contacts 9 fields in 5 contracts 25 areas (licenses) Source: SENER, CNH 13

14 IV. OTHER PARTNERSHIP OPPORTUNITIES 14

15 Gas pipeline projects in Mexico 13 Gas Pipelines length (2013): 11,142 km 11 Gas Pipelines new length : 19,436 km (1) Total investment : USD 18,014 M (2) National gas pipelines Length (km) Investment (MM USD) Los Ramones 854 3, gas pipelines 1 Ramones Phase I Comprehensive strategy projects 2 Ramones Phase II 738 2,508 North-East 1,783 2, El Encino (Chih.) - Topolobampo (Sin.) 536 1,008 4 Sásabe - Guaymas Guaymas - El Oro El Oro - Mazatlán CFE new gas pipelines projects allocated Length (km) Investment (MM USD) 1,209 2, projects 2,310 5, projects 1,100 1,207 Total 4,619 9,786 International gas pipelines 10 Length (km) Investment (MM USD) 12 Agua Dulce -Frontera Tucson - Sásabe Total 297 1,233 Other projects 1,038 1,489 7 Tamazunchale Zacatecas Morelos Mayakán Chihuahua (3) Total 3,675 6,995 1) Includes projects from the Comprehensive Strategy, and the new 222 km from Jáltipan-Salina Cruz gaspipe 2) Estimated 3) Chihuahua gas pipeline started operations on July

16 Other Opportunities Infrastructure Fertilizers Cogeneration Financial partners Strategic partners Strategic partners Financial partners Strategic partners Petrochemicals Strategic partners 16

17 Investor Relations (+52 55)