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Strategic FP&A, the Oil & Gas Industry in Mexico

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A strategic and financial analysis of the Oil & Gas Industry in Mexico as of September 2012.
The analysis includes infrastructure, trends, strategic challenges, funding opportunities and projects, and major investments.
On an international financial forum, the presentation led to discuss the following:
• Mexico needs PEMEX, and PEMEX needs investment to remain a top-tier energy corporation.
• A holistic approach to and Energy Reform should cover a broader corporate autonomy and governance, a fiscal restructuring and an operational reconfiguration.
• Incumbent understanding that Pemex will look for technological partnerships, financial investors and world-class operators, however the natural resources will remain as property of the Nation.
This presentation was delivered at the Financial Forecasting and Planning Innovation Forum in September 2012 at Boston, MA.

Published in: Business, Economy & Finance

Strategic FP&A, the Oil & Gas Industry in Mexico

  1. 1. Strategic  FP&A  in  the    Oil  &  Gas  Industry…  The  Mexico  Case Boston, September 2012Alex Murphyamurphym@yahoo.com
  2. 2. “Mexico  state-­‐‑owned  oil  company  Petroleos  Mexicanos,  or  Pemex,  isnʹt  in  crisis  with  its  ample  reserves  of  crude-­‐‑oil  and  natural  gas,  but  it  needs  to  be  given  greater  independence  from  the  government  and  operate  more  like  a  private  company,”  Chief  Executive  Juan  Jose  Suarez  Coppel  said  Monday. Published  September  10,  2012 Dow  Jones  Newswires hIp://www.foxbusiness.com/news/2012/09/10/pemex-­‐‑ceo-­‐‑outlines-­‐‑overhaul-­‐‑options-­‐‑for-­‐‑mexico-­‐‑oil-­‐‑giant/#ixzz26HLvyqx3
  3. 3. Agenda •  Oil and Gas Industry in Mexico•  The Challenges•  Financial & Business Innovation•  New Financial Players andInstruments
  4. 4. Agenda •  Oil and Gas Industry in Mexico•  The Challenges•  Financial & Business Innovation•  New Financial Players andInstruments
  5. 5. Mexico—Key Facts and Main IndexesPopulation (2012 est., million) 114.9Population Growth Rate (2012 est.) 1.09%Area (million km2) 1.9Gross Domestic Product (2012 est.,US$ billion) 1.23Exports (2012 est., US$ billion) 336.3Real GDP Growth (2012 est.) 3.6%Annual Inflation (2012 est.) 3.9%Public Debt / GDP (2012 est.) 39.7%Public Sector Balance (2012 est.) -0.82%External Debt / Total Public Debt (Feb. 2012) 33.2%External Debt (Feb. 2012, US$ billion) 119.6International Reserves (Mar. 2012, US$ billion) 148.5Source: International Monetary Fund (IMF).Source : Banco de México.14Mexico Snapshot
  6. 6. 03,0006,0009,00012,00015,00018,00021,0002003 2005 2007 2009 2011 2013 E 2015 EGDP per Capita (PPP)1US$Brazil Chile Colombia Mexico Peru Latam04812162003 2005 2007 2009 2011 2013 E 2015 EUnemployment Rate1%Brazil Chile Colombia Mexico Peru(1) Source : International Monetary Fund .Mexico Snapshot1510152025302003 2005 2007 2009 2011 2013 E 2015 EGross Domestid Savings1% of GDPBrazil Chile Colombia Mexico Peru04812162003 2005 2007 2009 2011 2013 E 2015 EInflation1%Brazil Chile Colombia Mexico Peru
  7. 7. 9Source: Fortune 500 Ranking 2011.PEMEX holds place 15th and 49th based onrevenues, among the main companies inAmerica, and worldwide, respectively.421.8354.7196.3 185.0153.8 151.6 146.3 136.2 135.6 134.2 129.0 126.0 124.6 115.5 111.4America’s Top 15 Corporations based on Revenues(US$MMM)International Positioning
  8. 8. 4Fuente: Fortune 500 ranking 2012En términos de ingresos PEMEX es una de las principales empresas mas importantes enAmérica y el Mundo.Posicionamiento internacional452.9 446.9245.6 237.3150.3 145.9 147.6 143.9 137.5 136.3 127.2 126.7 125.3 125.1 122.7Principales 15 Compañías de América por ingresos(US$MMM)Ranking Mundial2009 2010 201131 64 4913201234
  9. 9. Posición relativa de PEMEX en el mercadomexicano (1/2)54,90076,96920,0785,2043,057 3,012 2,699 2,545 2,389 2,193 1,957 1,708 10,055IPC AmericaMovilGrupoMexicoBanorte Walmart Femsa Peñoles Cemex GrupoModeloTelevisa Alfa Otros PEMEXEBITDAUS$MMFuente: Bloomberg y Resultados Financieros Auditados de PEMEX 20116130,903 53,69630,74316,38815,32614,751125,780Top 5 IPC AmericaMovilWalmart Femsa CEMEX ALFA PEMEXINGRESOSLos ingresos de PEMEX sonequiparables a las 5 empresas con masingresos en el IPC, sin embargo, elEBITDA de PEMEX es superior al EBITDAtotal de todas las empresas juntas,listadas en el IPC, mostrando un buenaestructura de costos y eficienciaoperativa.
  10. 10. Hoy PEMEX invierte mas del doble que lo que invierte la empresa mexicana más grande en laBolsa Mexicana de Valores, adicionalmente Pemex invierte más de lo que invierten todas lasempresas mexicanas juntas, listadas en el IPC19,95723,2009,7011,4811,079857780776 626 551 513 416 3,177IPC AmericaMovilWalmart GrupoMexicoFemsa Televisa Peñoles MineraFriscoAlfa Bimbo Liverpool Otros PEMEXCAPEXFuente: Bloomberg y Resultados Financieros Auditados de PEMEX 20117US$MMPosición relativa de PEMEX en el mercadomexicano (2/2)
  11. 11. Empresa clave en la industria petroleraSaudiAramcoNIOCPDV Pemex CNPC020004000600080001000012000Top 5 Productores de Crudo(Mbd)CanadáArabiaSaudita MéxicoVenezuelaNigeria05001000150020002500Top 5 Exportadores de Crudo a EUA(Mbd) No.4 a nivel mundial comoproductor de crudo desde 2008.5(1) Fuente: Petroleum Intelligence Weekly (PIW) 2011, The World’s Top 50 Oil Companies.(2) Fuente: U.S. Energy Information Administration, U.S. Crude Oil Imports by Country 2011. No.3 a nivel mundial como mayorexportador de crudo a EUA. No.13 en reservas de crudo, una posición fuerteconsiderando el crecimiento orgánico de la empresa. No.14 en ingresos, con mas de US$100 mil millonespor ventas.
  12. 12. 10Importancia estratégica para MéxicoImpuestos y Derechos(US$MMM)Ingresos petroleros como % del PIB54 56625742536337.3% 38.0%35.4%36.9%31.0% 32.9%34.5%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%-1010305070901102005 2006 2007 2008 2009 2010 2011Impuestos % de los ingresos Federales4.47% 4.13% 4.49%5.85% 5.68%5.24% 4.92%2007 2009 20102005 20082006 2011
  13. 13. 18Strategic Importance to Mexico (1/2)PEMEX contributes with approximately one-third of the total federal budget.• PEMEX’s budget is approved by the Mexican Congress, and is therefore part of the federalbudget.• The distribution of income is carried out through the Federal Expenditure Budget (PEF), theFederal Duties Law (LFD),the Federal Law Budget and Treasury Responsiblity (LFPRH), and theFiscal Coordination Law (LCF).Taxes and Duties(billion dollars)61.63 57.41 72.0542.71Price ofCrude Oil(dlls/b)84.3553.04 100.9254 5662574253632005 2006 2007 2008 2009 2010 2011
  14. 14. Pipelines Length (Km)Total 26,486Crude Oil 5,201Gas 9,032Distillates 8,649Petrochemicals and LPG 3,604Downstream InfrastructureNatural gas processing complex 11Gas sweetening units 20Cryogenic plants 21Liquids sweetening units 6Sulfur plants 14Refineries 6Petrochemical Complexes 8Petrochemical Plants 39LPG distribution terminals 18Distillates distribution terminal 77Sea terminals 15Salina CruzMaderoTulaCadereytaSalamancaCamargoSan MartínGuadalajaraCd. MéxicoPoza RicaArenqueMonterreyReynosaBurgosMatapionchePajaritosCosoleacaqueMinatitlánCactusN. PemexCd. PemexMorelosLa VentaCangrejeraRefineryPetrochemical ComplexGas Processing ComplexPoint of SalePipelinesSea RouteCurrent Infrastructure8
  15. 15. 11Reserves and Prospective ResourcesProducing Basin Oil and GasGas(1) “3P” means the sum of proved, probable and possible reserves; “2P” means the sum of proved and probable reserves;and “1P” means proved reserves.(2) Numbers may not total due to rounding.(3) As of January 1st, 2012SoutheasternVeracruzTampico-MisantlaBurgosSabinasGulf ofMexicoDeep seaexplorationProspective Resources3Basin MMMboeBurgos 2.9Deep waters in the Gulf of Mexico 26.6Sabinas 0.4Southeastern 20.1Tampico-Misantla (ATG) 2.5Veracruz 1.6Yucatán Platform 0.5Total2 54.6Total Reserves by Areaas of January 1, 2012MMMboe (billion barrels of oil equivalent)Basin 3P1 2P1 1P1Burgos and Sabinas 0.8 0.6 0.4Deep-waters 0.7 0.2 0.1Southeastern 24.4 18.2 12.1Tampico–Misantla (ATG) 17.7 7.0 1.0Veracruz 0.2 0.2 0.2Total2 43.8 26.2 13.8Equivalent to(years of production)2 32.3 19.2 10.1
  16. 16. PEMEX una de las empresas petroleras masrentables16.42 15.6750.4916.50 18.7331.6349.91Exxon RoyalDutchShellStatoil BP Chevron Petrobras PemexMargen bruto2011 (US$MM) Exxon Royal Dutch Shell Statoil BP Chevron Petrobras PEMEXVentas $433,526.00 $470,171.00 $115,281.98 $375,517.00 $236,286.00 $146,294.36 $111,393.00Rendimiento bruto $71,168.00 $73,669.00 $58,211.42 $61,954.00 $44,260.00 $46,275.28 $55,596.00Rendimiento de operación $54,104.00 $42,715.00 $37,591.70 $27,061.00 $38,299.00 $26,267.77 $48,707.00Rendimiento antes de Impuestos $73,257.00 $55,660.00 $38,184.72 $38,834.00 $47,634.00 $26,572.18 $56,076.00EBITDA $69,687.00 $55,943.00 $46,761.06 $39,220.00 $51,210.00 $36,896.11 $76,964.0016.07 11.9040.5610.4421.67 25.2269.09Exxon RoyalDutchShellStatoil BP Chevron Petrobras PemexMargen del EBITDA12.48 9.0932.617.2116.21 17.9643.73Exxon RoyalDutchShellStatoil BP Chevron Petrobras PemexMargen de operación16.9011.8433.1210.3420.16 18.1650.34Exxon RoyalDutchShellStatoil BP Chevron Petrobras PemexMargen antes de impuestosFuente: Bloomberg y Resultados Financieros Auditados de PEMEX 201112
  17. 17. 17Current Legal Framework• According to Art. 27, it is within the Nation’s domainto exploit all national resources:• crude oil; and• all solid, liquid or gas hydrocarbons.Constitution Regulatory Law• According to Art. 4, the Nation will conduct throughPetróleos Mexicanos and its Subsidiary Entities:• the exploration and explotation of crude oil;and• all other activities related to the oil industrythat are considered strategic.• Strengthen PEMEX and establish a more efficient development of the hydrocarbon potential in Mexico.• Strengthen execution capacity through: Better corporate governance practices: Four professional memebers Executive committees New contracting schemes: Integrated E&P Contracts Call for bids and award contracting without bidding Increased financial flexibilty through: Decrease of the fiscal burden, by a gradual increase in budget-allocation autonomy Accountability2008 Energy Reform
  18. 18. 05001,0001,5002,0002,5001997 1999 2001 2003 2005 2007 2009 2011ForecastActualProducción w/o CantarellCantarellCAGR1: 7.9%Mbd23Today PEMEX’s production depends on agreater number of producing assets.Evolution of Crude Oil Production(1) Compound Annual Growth Rate.Note: Mexico’s CAGR 2005-20101is -4.4%Source: Purvin & Gertz 2005-2011.
  19. 19. 63.2%33.0%9.5%19.6%9.0%11.2%6.3%10.8%5.4%8.7%6.7%16.6%2004 2011KMZCantarellAPC LTCantarellAPCKMZSLBJOthersSLOthers93.3%83.4%SL: Samaria-LunaBJ: Bellota-JujoLT: Litoral de TabascoKMZ: Ku-Maloob-ZaapAPC: Abkatún-Pol-Chuc0300600900Production of Ku-Maloob-ZaapKu Maloob Zaap BacabThe KMZ asset is comprised of the fields Ku,Maloob, Zaap, Bacam and Lum. In 2009, KMZbecame Mexico’s main crude oil producer.Mbd24Crude Oil Production 2011- Diversifying
  20. 20. 25Sustained Increase of the Reserve Replacement Rate1.51.3 1.42.4 2.32.02.22.42005 2006 2007 2008 2009 2010 2011 2012 EExploration CAPEXU.S.$BillionThe 100% 1P reservereplacement rategoal was reachedprior to theestablished date inthe Business Plan.22.7% 26.4%41.0%50.3%71.8% 77.1%85.8%101.1%56.9% 59.2% 59.7% 65.7%102.1%128.7%103.9% 107.6%0%20%40%60%80%100%120%140%2005 2006 2007 2008 2009 2010 2011 20121P 3PReserves Replacement Rate“E” stands for estimated.
  21. 21. 33Investment Budget Figures are nominal and may not total due to rounding. Includes upstream maintenance expenditures. “E” means Estimated. For reference purposes, U.S. dollar- Mexican peso exchange rate conversionshave been made at the following exchange rates, Ps. 13.18/U.S.$1 for 2012, and Ps.12.9/U.S.$1for 2013 and beyond years. Includes complimentary non-programmed CAPEX.13.815.618.1 18.620.123.228.730.4 30.027.32006 2007 2008 2009 2010 2011 2012 E 2013 E 2014 E 2015 E 2016 E2.81.0% Pemex-Petrochemicals12% Pemex-Refining2.0%Pemex-Gas andBasicPetrochemicalsPemex-Exploration andProduction85%20.819.1U.S. Billion Dollars
  22. 22. 9Exploitation Investment-40,00080,000120,000160,000200,000240,0002000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011Cantarell vs. OtherProjects From 2006 to 2011,Cantarellrepresented about21% of totalexploitationinvestment. In 2011, Cantarellrepresented about19.6% of totalexploitationinvestment.Delta delGrijalvaAJBCLMATGBurgosKMZCantarellOtherProjectsMillion Pesos
  23. 23. Agenda •  Oil and Gas Industry in Mexico•  The Challenges•  Financial & Business Innovation•  New Financial Players andInstruments
  24. 24. 20Challenges• Crude oilproductionlevels• Operational andtechnologicalimprovements• StrongeroperationalprocessesProductionGrowthUpgrades andExpansion ofInstalled CapacityNew Rounds ofIntegratedContractsShaleResourcesNew Explorationand MaintenanceFunctionsDeep WatersOperationalImprovements
  25. 25. 28Increase in Production: OilMbdExploration45 - 50Ku-Maloob-Zaap20 - 30Aceite Terciario delGolfo15 – 20Integrated Contracts50 - 60IncrementalProduction for 2014Range(Mbd)Ku-Maloob-ZaapATGCantarellExplotación(Excluding, Aceite Terciario del Golfo yKu-Maloob-Zaap)1324505001,0001,5002,0002,5003,0002009 2010 2011 2012 2013 2014 2015 2016 2017 2018Ku-Maloob-ZaapATGCantarellExploitation(Excluding, Aceite Terciario del Golfoand Ku-Maloob-Zaap)ATGIntegratedContractsAyatsilTekelTsiminXuxIntegratedContractsExploration
  26. 26. Strategy for Shallow Waters and OnshoreRegionsProspective resources (22,608 MMboe)8,0915,0551,9313,8383,099594CSM CST CTM11,9298,1542,525CuencaTampico-MisantlaCuencasdel SuresteLight Crude OilHeavy Crude OilLocations and opportunitiesPlaysThe strategy will be focused on theSoutheastern Basins, including both themarine and onshore portions: Execute activities to identify thecontinuity of established plays such asthe Cretaceous play Increase the activity to identify Tertiaryplays for oil resources Potential evaluation of pre and sub- saltplaysAdditionally, exploration will be reactivatedat the Tampico-Misantla Basin with the aimof finding oil opportunities in the Mesozoic-age playsTampico-MisantlabasinSoutheast on-shorebasinSoutheast marinebasin22
  27. 27. Potential Shale Resources PEMEX has identified 5 geological provinceswith shale gas potential: Chihuahua Sabinas-Burro-Picachos Burgos Tampico-Misantla Veracruz PEMEX estimates prospective resources ofshale gas ranging from 150 to 459 TCF,which represent from 2.5 to 7 times theconventional 3P gas reserves of Mexico. According to the EIA, Mexico’s shale gasresources could reach 681 TCF, which isranked as the fourth largest reserveworldwide . PEMEX is evaluating Mexico’s shale gaspotential, in 2011 PEMEX concluded thewell Emergente-1, and it is in the process ofcompleting 3 additional wells. An intensive development scenario showsthat gas production could triplicate to 20bcf per day.29Eagle Ford Shale Gas• TexasCretaceousShale GasJurassicShale GasPaleozoicShale GasVeracruzTampicoMisantlaBurgosSabinasBurro PicachosChihuahuaShale Gas ProvincesEagle Ford/Agua NuevaHaynesvilleBone Spring /Woodford
  28. 28. Chuktah-201512 mNab-1680 m2004Noxal-1935 mLakach-1988 m2005 2007Lalail-1805 mChelem1810 m2008Tamil-1778 mTamha-11,121 m2009Etbakel-1681 mKabilil-1740 m2010Lakach-2DL1,196 mLabay-11,700 m2011Puskón-1624 mNen-11,493 mLeek-1851 mHolok-11,028 mCatamat-11,230 mPiklis-11,945 mDeepwater Drilling• From 2000, 18 wells were drilled, discovering 8 non-associated natural gas field and 2 extra heavyoil fields.41
  29. 29. Twitter: @pemexBoletín 54/201208/27/2012President Calderon announced the first discovery of crudeoil made in the deep waters of the Gulf of MexicoThe Trión 1 well has confirmed the existence of light crude oil depositsMexican President Felipe Calderón announced today the first discovery of crude oil in thedeep waters of the Gulf of Mexico, which confirmed the existence of light crude oil deposits in thePerdido Fold Belt province.President Calderón was joined by PEMEX’s Chief Executive Officer, Juan José SuárezCoppel and by the Ministry of Energy, Jordy Herrera, at Los Pinos—official residence and office ofthe President; where he explained the location of the Trión 1 well, 177 km off the coast ofTamaulipas and the successful discovery of crude oil made by this well.The well is located 39 km south of the border territory with the United States of America andwas drilled at a total depth of 2,500 meters and current depth of 4.5 km, including the seafloorcrust. PEMEX began drilling this well on June with the state-of-the-art Bicentenario platform thatwas built in Korea.The total well thickness saturated is 320 meters, with porosity between 18 and 25% andpermeability of up to 250 milidarcys, just enough to guarantee productivity and an estimated flowof up to 10 thousand barrels per day.
  30. 30. 26Industrial ProcessesRefiningOperational,administrativeand structuralimprovementsCapture EconomicOpportunitiesGas and BasicPetrochemicalsExpand thepipeline networkin the northernand centralregions of MexicoIncreaseprocessing andtransportationcapacity ofnatural gasPetrochemicalsExecution anddevelopment ofnew businessmodelsFoster the growthof the mostprofitable chains
  31. 31. Refining: Operational PerformanceImprovement Program (MDO)27Fuente: MDO8552621021230TotalMonitoring stageImplementation/with capitalImplementationDevelopmentConceptualstage0569382Total 1,170Monitoring stageImplementation/with capitalImplementation109DevelopmentConceptualstage230 opportunities identified in 4 out of 6refineries……worth 1.2 billion USD when fully capturedNo. Of opportunities Million USD per annum Economic value amounts to a net gain of ~3.39 USD/barrel, at october 2010 prices. Only 9.5% of initiatives involve capital expenditure110
  32. 32. Agenda •  Oil and Gas Industry in Mexico•  The Challenges•  Financial & Business Innovation•  New Financial Players andInstruments
  33. 33. OriginalVolume(MMboe)1,439 109 6.8657376.732052-Carrizo Santuario MagallanesReserves3P(MMboe)CurrentProduction(Mbd)2,416 198 13.614New Business Models – UpstreamSuccessful 1st Round: Southern Region PEMEX is partnering with the winning companies tocomplement its capabilities.Mature Fields – Southern RegionField CompanyMax. RateUS$/bOffered RateUS$/bMin. InvestmentUS$MMMagallanes Petrofac Facilities Mngt. Ltd. 9.78 5.01 205.5Santuario Petrofac Facilities Mngt. Ltd. 7.97 5.01 116.9Carrizo Dowell Schlumberger 12.31 9.40 33.3Approximate incrementalproduction of 55 Mbd
  34. 34. 26Integrated Contracts: Mature FieldsField CompanyOffered RateUS$/bMin. InvestmentUS$MMMagallanes Petrofac Facilities Mngt. Ltd. 5.01 205Santuario Petrofac Facilities Mngt. Ltd. 5.01 117Carrizo Dowell Schlumberger 9.40 33Field CompanyOffered RateUS$/bMin. InvestmentUS$MMAltamira Cheiron Holdings Limited 5.01 33PanucoPetrofac Facilities Mngt. Ltd.- Dowell Schlumberger7.00 35TierraBlancaMonclova Pirineos Gas –Alfacit del Norte4.12 24San AndrésMonclova Pirineos Gas –Alfacit del Norte3.49 242011 2012 Beyond 2012Mature fields in the South andNorth RegionsMature Fields in the NorthRegion and ChicontepecDeep WatersRoundIncrementalProduction(Mbd)1a2a5570South regionNorth region
  35. 35. 15New Business Models - DownstreamRefine Mexican heavycrude oil and increasegasoline supply toMexico1993Natural Gas and LPGtransportation topower plants in thenorthern region ofMexico1. Joint Venture1997Increase production ofvinyl chloride1. Joint Venture2. Fixed assets3. Supply of rawmaterials2012Deer Park Gas Pipelines PEMEX – Mexichem1. Joint Venture2. Crude SupplyProjectPartnerPEMEX’sParticipationObjectiveStart Up
  36. 36. 17Financial LeaseCashPurchaseSavings125%Improved Purchase and Acquisitions’Processes (2/2)AverageConsumption185 to 200MTA2(1) Expected(2) Thousand Tons Per AnnumNew ContractDesignSavings1MMPs. 465VSTraditionalRentNew ContractDesignFinancial LeaseSavings118% - 20%Savings135%PlatformsDrilling pipeFleet
  37. 37. Agenda •  Oil and Gas Industry in Mexico•  The Challenges•  Financial & Business Innovation•  New Financial Players andInstruments
  38. 38. Más  Protego Otra  operación  que  los  pupilos  de  Pedro  Aspe  ya  habrían  cerrado  o  están  por  hacerlo  es  una  capitalización  de  Diavaz,  el  contratista  de  Pemex  especializado  en  servicios  integrales  para  la  industria  petrolera.  Trascendió  que  Protego  comprará  30%  en  dos  de  las  divisiones  del  grupo  fundado  en  1973  por  Luis  Vázquez.   (EXCÉLSIOR)  COLUMNAS  FINANCIERAS  11  de  Abril  de  2012  •  06:55hs Protego  -­‐‑  Evercore
  39. 39. Protego  50  mdd No  fue  30  sino  20%  lo  que  Protego  adquirió  de  Diavaz  de  Luis  Vázquez.  La  inversión  fue  en  DEP,  división  dedicada  a  la  exploración  y  producción.  El  acuerdo  se  cerró  el  2  de  marzo  e  involucró  una  capitlización  de  entre  45  y  50  millones  de  dólares.  Protego  asumirá  dos  asientos  en  el  consejo  los  cuales  tomarán  Pedro  Aspe  y  Alfredo  Castellanos,  cabeza  este  último  de  Evercore  Partners.  Diavaz  se  quedó  con  71%  y  el  otro  9%  lo  tiene  Mexsub.  El  fondo  entra  atraído  por  la  próxima  licitación  de  campos  maduros  que  hará  Pemex.  En  mayo  la  paraestatal  de  Juan  José  Suárez  concursará  cinco  en  el  norte  del  país.  DEP  participará  en  tres:  dos  en  tierra  y  uno  en  el  mar.  El  18  de  mayo  se  emitirán  los  fallos.  Diavaz  ya  ganó  uno  en  2008,  contrato  que  concluye  en  2013.  Fue  en  la  localidad  de  Ebano,  San  Luis  Potosí.  Es  el  pozo  La  Pez,  el  primero  que  se  perforó  en  1904. 012-­‐‑04-­‐‑13  00:00:00 Darío  Celis
  40. 40. Oro  Negro  (Black  Gold) •  Oro Negro obtiene compromisos de capital por US$250millones.Lliderada por Axis, Ares Management y Temasek •  Ciudad de México, MÉXICO?22 de febrero 2012?Integradora deServicios Petroleros Oro Negro (Oro Negro) anunció hoy que asegurócompromisos de capital por US$250 millones. Oro Negro es unainiciativa empresarial de Axis, quien en conjunto con otrosinversionistas institucionales e individuales comprometió US$50millones. Los inversionistas co-lideres, Ares Management, basado enEstados Unidos, y Temasek, basado en Singapur, comprometieron US$100 millones cada uno. Los recursos serán destinados a perseguiroportunidades en el sector de servicios petroleros en México, dondela inversión en actividades de producción y exploración continuacreciendo.•  Oro Negro también anunció que nombró a Luis Ramírez Corzo, comoPresidente Ejecutivo•   
  41. 41. Morgan  Stanley  Private  Equity  and  Jesús  Reyes-­‐‑Heroles  Announce  Partnership •  Reuters  is  not  responsible  for  the  content  in  this  press  release. Tue  Jan  24,  2012  12:00pm  EST Morgan  Stanley  Private  Equity  and  Jesús  Reyes-­‐‑Heroles  Announce  Partnership Morgan  Stanley  Private  Equity  has  formed  a  strategic  partnership  with  Jesús  Reyes-­‐‑Heroles,  the  former  Director  General  of  Petróleos  Mexicanos  (PEMEX),  to  pursue  energy  investments  in  Mexico  and  across  Latin  America.  The  goal  of  the  partnership  is  to  build  a  leading  regional  energy  company  involved  in  a  broad  base  of  investments  and  related  activities  across  the  energy  sector.  The  partnership  will  focus  on  investments  in  energy  companies  to  help  enhance  business  growth,  improve  profitability  and  provide  valuable  strategic  and  financial  guidance. Morgan  Stanley  –  Jesus  Reyes  Heroles
  42. 42. Macquarie  Mexican  Infrastructure  Fund  Announces  Completion  of  Financing  for  396  MW  Wind  Energy  Project  in  Oaxaca,  Mexico 24  February  2012 MXN  $8,885.6  million  (USD$  ~700m)  in  financing  includes  a  syndicate  of  commercial  banks  and  development  banks  and  a  guarantee  by  the  Danish  export  credit  agency   Mitsubishi  Corporation  and  PGGM  enter  the  Project  as  new  equity  investors   Project  supported  by  subsidiaries  of  FEMSA  and  Cuauhtémoc  Moctezuma  as  energy  off-­‐‑takers   Construction  to  commence  March  2012 Macquire
  43. 43. Ley  de  Asociaciones  Publico  Privadas  (PPP) PPP  (Public  Private  Partnerships)
  44. 44. As  a  measure  to  mitigate  the  effects  of  the  global  financial  crisis,  Mexican  regulators  introduced  in  August  2009  significant  regulatory  changes  to  create  a  new  asset  class  known  as  Certificados  de  Capital  de  Desarrollo  (“Structured  Equity  Securities”  or  “CKDs”)  with  the  main  purpose  being  to  create  sources  of  capital  for  Mexican  companies  and  infrastructure  or  other  projects  located  in  Mexico  and,  in  turn,  support  economic  growth.  The  regulators’  intention  was  also  that  the  principal  sources  of  capital  came  from  Mexican  mandatory  pension  funds  (sociedades  de  inversión  especializadas  de  fondos  para  el  retiro,  “Siefores”).  Thus,  as  part  of  those  changes,  Siefores’  investment  rules  were  amended  in  order  to  allow  for  the  possibility  of  making  investments  in  private  equity  and  infrastructure  projects  through  the  CKD  structure,  which  had  previously  been  banned. hIp://www.whitecase.com/articles-­‐‑03012012-­‐‑2/ CKD
  45. 45. Registro Nacional deValoresBolsa Mexicana de Valores, S.A.B. de C.V.Figure 1: Offerings During Initial Phase of CKDStructure, 2009–20114Total 18 US$2.960 billionStructured EquitySecurities CKDssociedades de inversión especializadas defondos para el retiro SieforesSourcing Capital through Mexico’s CKDStructure: the Next PhaseLegal & Regulatory Bulletin
  46. 46. Gráfica 1Fuentes de Financiamiento a las EmpresasPor ciento del total de empresas020406080100II2010III IV I II2011III IV I II2012ProveedoresBancos comercialesEmpresas del grupo / oficina matrizBancos extranjerosEmisión de deudaBancos de desarrollo
  47. 47. Complex  Project  Finance
  48. 48. Complex  Project  Finance
  49. 49. hIp://www.bellenews.com/2012/07/02/world/americas-­‐‑news/enrique-­‐‑pena-­‐‑nieto-­‐‑wins-­‐‑mexican-­‐‑presidential-­‐‑poll/ Pemex,  he  told  the  Financial  Times  last  year,  “can  achieve  more,  grow  more  and  do  more  through  alliances  with  the  private  sector”.  He  added:  “It  is  possible  to  find  mechanisms  that  guarantee,  on  one  hand,  the  state’s  ownership  of  the  oil  in  Mexico  but  on  the  other,  mechanisms  to  achieve  and  encourage  a  greater  involvement  of  the  private  sector  ...  We  have  to  take  much  more  audacious  steps.” hIp://www.ft.com/intl/cms/s/0/269e697e-­‐‑f746-­‐‑11e1-­‐‑8c9d-­‐‑00144feabdc0.html#axzz26HIkJqyj
  50. 50. Boston, September 2012Alex Murphyamurphym@yahoo.comThank  You Financial  Forecasting  &   Planning  Innovation September  13  &  14,  Boston,  2012

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