Pemex Oil Contracts Overview
Pemex focuses on transparency, accountability, and promotes close relationships with investors and the financial community. This is why Pemex contracts are published in a timely manner and clearly describe the primary operating activities and financial associations with those activities.
It is for these reasons that multilingual documentation is so vital to the Pemex contract and bidding process, and why the Pemex English Library is such a necessity.
Pemex Contract Characterizations
Pemex contracts are transparent, and any investor, regulator, member of a credence agency, or analyst can request information on contracts in both Spanish and English, thanks to the Pemex English Library.
These contracts focus on the following important ideals:
- Environmental advocacy and stewardship
- The maintaining of profitability and efficiency.
- Stating the optimization of resources with the best available technology
- Transparency to clients.
Mission-Critical Procurement Mandate
Pemex’s legal framework has its own legal mandate for procurement in relation to mission-critical activities such as the exploration, development, and production of oil deposits.
Pemex may partner with international and national companies which provide services in the oil industry. These potential partners must be both attractive and balanced from a fiduciary and responsibility point of view.
The law of Petróleos Mexicanos (known as the “Pemex Law”) defines the type of contracts Pemex is able to sign with partners. The law establishes a system of guidelines for mission-critical activities and provides flexibility in relation to procurement.
The procurement guidelines specify the procedures and planning process authorized in Article 51 of the Law of Petroleos Mexicanos.
The types of contracts Pemex is able to sign is explained in the Regulatory Law of Constitutional Article 27. This section also specifies that the petroleum and gas resources and revenue belongs to the nation of Mexico.
Pemex contracts protect both the investors and the company, establishes a working relationship in which both parts benefit with contribution, and have a strong emphasis on environmental awareness.