We inform you that today, the National Hydrocarbons Commission (“CNH”) published in the Federal Official Gazette, the Agreement CNH.E.29.001/2020 by which the National Hydrocarbons Commission establishes various measures to promote the development of oil activities.
Such Agreement refers that due to the sanitary emergency originated by the COVID-19 several Oil Operators, set out in this document, have submitted to the CNH notifications of Fortuitous Case or Force Majeure and also requests for the granting of extensions of the Exploration or Evaluation periods, as applicable in each Contract for the Exploration and Extraction of Hydrocarbons (hereinafter, CEE).
By virtue of said Agreement, it resolves, among other issues, the suspension of the Exploration and Appraisal Periods, as well as the Development for Extraction Periods that have a Minimum Work Program associated to the CEEs referred to therein, the Petroleum Operators of merit shall submit to the Commission an update of the schedule for the execution of their Petroleum Activities within twenty working days following the conclusion of said suspension; the said Oil Operators are required to submit the corresponding Compliance Guarantees, in accordance with this Agreement; suspend the validity of the Transition Programs that are in force, and provide technical advice to the Energy Ministry in order to add the suspension period to the Exploration and Appraisal Periods, as well as the period determined for compliance with the Minimum Work Commitment in the Extraction activities of the Assignments, in terms of what is referred to in this document.
For the attention of any question or information associated to the publication of the referred Agreement, please contact our lawyers:
Carlos Antonio Flores
Esteban de Jesús Sánchez