La Reforma Energética en México y las oportunidades en los sectores de petróleos y gas para empresas Colombianas Leopoldo Olavarría Head of Energy Latin America, Socio Norton Rose Fulbright Colombia S.A.S. 27 de mayo de 2015

MEXICO Temas que serán discutidos: 1. Introducción – Recientes acontecimientos de la Reforma Energética (petróleo y gas) en México 2. Descripción de la Reforma Energética mexicana 3. Oportunidades para participar 4. Participación de empresas Colombianas en México MEXICO

1. Introducción – Recientes acontecimientos de la Reforma Energética en México 2013 2014 2015 21 de Diciembre Entró en vigor la reforma constitucional en materia de energía. Ronda 0 21 de Marzo- Septiembre 2014. 12 de Agosto Promulgación de la Legislación Secundaria. 31 de Octubre Expedición de Reglamentos para ciertas Normas Secundarias. Ronda 1 11 de Dic.– Actualmente Incluyendo primera convocatoria para licitar: exploración en aguas someras. 27 de Feb. Segunda convocatoria para licitar: extracción en aguas someras. 7 de Marzo Hacienda expidió los lineamientos para la elaboración y presentación de costos, gastos e inversiones y la procura en los Contratos E&E. 12 de Mayo Tercera convocatoria para licitar: extracción en áreas terrestres. 1920 – Mexico is the 2nd largest producer of oil in the world. 1938 – Following a strike by oil workers in 1937, President Cardenas of the PRI political is compelled to expropriate the assets of foreign owned oil companies operating in Mexico, thereby nationalizing the hydrocarbons industry. 1938 – PEMEX, state-owned company is formed and given a monopoly over the Mexican oil industry. 1976 – Cantarell oil field is discovered. Production peaked at 2.1 million barrels per day in 2003. Largest oil field in Mexico in terms of production. 2004 – Oil production peaked. Production has fallen or failed to rise each year since. 2008 – Then President Felipe Calderon made attempts to push through the constitutional changes that would allow for energy industry reform, but ultimately failed. This was due in large part to political opposition mounted by PRI and a misinformed public opinion. 2013 – December 20th, President Enrique Peña Nieto, member of the PRI, successfully passes constitutional reforms paving the way for the opening of the Mexican O&G industry. Interesting to note that both Cardenas, the president who nationalized the Mexican O&G industry and Nieto who has now passed the reforms necessary to liberalize the industry, both hail from the PRI.

2. Descripción de la Reforma Energética mexicana La apertura del sector de hidrocarburos crea múltiples oportunidades para la inversión privada en toda la cadena. El Estado Mexicano retiene la propiedad sobre los hidrocarburos en el subsuelo, pero los titulares de Contratos de E&E y de Asignaciones podrán “contabilizar reservas.” PEMEX se transformó en una empresa productiva del Estado y seguirá siendo un jugador significativo en toda la cadena. La Comisión Nacional de Hidrocarburos (“CNH”) asume un rol regulatorio significativo en el sector aguas arriba. Se crea el Fondo Mexicano del Petróleo. Los Contratos de E&E deberán contener obligaciones de contenido nacional (metas 2015-2025). Las metas de contenido nacional serán diferentes para áreas en aguas profundas y ultra profundas. 1 The 2013 constitutional reform affected multiple sectors in the Mexican economy, including telecoms, electrical power generation and Oil and Gas. It is worthwhile speaking briefly about the more important aspects of the changes to the power sector. In many ways they mirror those of the Oil and Gas sector. The power changes will: Allow private investment in power generation Transmission and distribution remain under government control CFE becomes a state productive company CENACE is created and will act as an independent systems operator Local content minimums are required (subject to Mexican treaty commitments) Creation of program for sustainable use of energy and power generation New framework for exploration and exploitation of geothermal resources The presentation today will focus uniquely on the Oil and Gas sector.

2. Descripción de la Reforma Energética mexicana: Instituciones Selecciona los bloques (con la ayuda de CNH) Otorga y revoca las Asignaciones Determina los tipos de Contratos E&E (con la ayuda de SHCP) Diseña: Contratos E&E Términos de las Licitaciones Determina los términos fiscales de las licitaciones y de los Contratos E&E (con la opinión de SENER) Participa en la administración financiera y auditoría contables de los Contratos E&E (importante para los CPC) Realiza las licitaciones Suscribe los Contratos E&E Administra y supervisa los Contratos E&E Autoriza la perforación de pozos Aprueba y supervisa los planes de exploración y desarrollo Autoriza la adquisición de la sísmica Administra información 1 The 2013 constitutional reform affected multiple sectors in the Mexican economy, including telecoms, electrical power generation and Oil and Gas. It is worthwhile speaking briefly about the more important aspects of the changes to the power sector. In many ways they mirror those of the Oil and Gas sector. The power changes will: Allow private investment in power generation Transmission and distribution remain under government control CFE becomes a state productive company CENACE is created and will act as an independent systems operator Local content minimums are required (subject to Mexican treaty commitments) Creation of program for sustainable use of energy and power generation New framework for exploration and exploitation of geothermal resources The presentation today will focus uniquely on the Oil and Gas sector.

3. Oportunidades para participar Asignación Pago en efectivo Contratista de Servicios Integrados PEMEX u otra EPE Financistas Proveedores de bienes y servicios

3. Oportunidades para participar Contrato E&E Contratista Uno Dos o más (puede incluir a PEMEX u otra EPE) Financistas Proveedores de bienes y servicios

3. Oportunidades para participar Ronda 1 La Ronda 1 es la primera de múltiples rondas que organizará CNH. Representa oportunidades para obtener derechos sobre las áreas que no fueron adjudicadas a PEMEX en la Ronda 0. PEMEX podrá participar y competir por áreas ofrecidas por CNH en la Ronda 1 y siguientes rondas de licitación. En noviembre de 2014 se anunció que 169 bloques serían ofrecidos en la Ronda 1. 109 bloques exploratorios 60 bloques en producción

3. Oportunidades para participar Ronda 1. Procesos Licitatorios en curso 1 The 2013 constitutional reform affected multiple sectors in the Mexican economy, including telecoms, electrical power generation and Oil and Gas. It is worthwhile speaking briefly about the more important aspects of the changes to the power sector. In many ways they mirror those of the Oil and Gas sector. The power changes will: Allow private investment in power generation Transmission and distribution remain under government control CFE becomes a state productive company CENACE is created and will act as an independent systems operator Local content minimums are required (subject to Mexican treaty commitments) Creation of program for sustainable use of energy and power generation New framework for exploration and exploitation of geothermal resources The presentation today will focus uniquely on the Oil and Gas sector. El gráfico y los datos han sido obtenidos de la página oficial de la CNH, el 19 de mayo de 2015.

3. Oportunidades para participar Exploración y extracción en aguas someras y asociaciones de PEMEX (farm-outs) 1 The 2013 constitutional reform affected multiple sectors in the Mexican economy, including telecoms, electrical power generation and Oil and Gas. It is worthwhile speaking briefly about the more important aspects of the changes to the power sector. In many ways they mirror those of the Oil and Gas sector. The power changes will: Allow private investment in power generation Transmission and distribution remain under government control CFE becomes a state productive company CENACE is created and will act as an independent systems operator Local content minimums are required (subject to Mexican treaty commitments) Creation of program for sustainable use of energy and power generation New framework for exploration and exploitation of geothermal resources The presentation today will focus uniquely on the Oil and Gas sector. El gráfico y los datos han sido obtenidos de la página oficial de la CNH, el 19 de mayo de 2015.

3. Oportunidades para participar Extracción en áreas terrestres, exploración y extracción en aguas someras 1 The 2013 constitutional reform affected multiple sectors in the Mexican economy, including telecoms, electrical power generation and Oil and Gas. It is worthwhile speaking briefly about the more important aspects of the changes to the power sector. In many ways they mirror those of the Oil and Gas sector. The power changes will: Allow private investment in power generation Transmission and distribution remain under government control CFE becomes a state productive company CENACE is created and will act as an independent systems operator Local content minimums are required (subject to Mexican treaty commitments) Creation of program for sustainable use of energy and power generation New framework for exploration and exploitation of geothermal resources The presentation today will focus uniquely on the Oil and Gas sector. El gráfico y los datos han sido obtenidos de la página oficial de la CNH, el 19 de mayo de 2015.

3. Oportunidades para participar Calendario. Exploración en aguas someras; Primera Convocatoria, Licitación CNH-R01-L01/2014 1 The 2013 constitutional reform affected multiple sectors in the Mexican economy, including telecoms, electrical power generation and Oil and Gas. It is worthwhile speaking briefly about the more important aspects of the changes to the power sector. In many ways they mirror those of the Oil and Gas sector. The power changes will: Allow private investment in power generation Transmission and distribution remain under government control CFE becomes a state productive company CENACE is created and will act as an independent systems operator Local content minimums are required (subject to Mexican treaty commitments) Creation of program for sustainable use of energy and power generation New framework for exploration and exploitation of geothermal resources The presentation today will focus uniquely on the Oil and Gas sector. El gráfico y los datos han sido obtenidos de la página oficial de la CNH, el 19 de mayo de 2015.

3. Oportunidades para participar Exploración en aguas someras; Primera Convocatoria, Licitación CNH-R01- L01/2014 1 The 2013 constitutional reform affected multiple sectors in the Mexican economy, including telecoms, electrical power generation and Oil and Gas. It is worthwhile speaking briefly about the more important aspects of the changes to the power sector. In many ways they mirror those of the Oil and Gas sector. The power changes will: Allow private investment in power generation Transmission and distribution remain under government control CFE becomes a state productive company CENACE is created and will act as an independent systems operator Local content minimums are required (subject to Mexican treaty commitments) Creation of program for sustainable use of energy and power generation New framework for exploration and exploitation of geothermal resources The presentation today will focus uniquely on the Oil and Gas sector. El gráfico y los datos han sido obtenidos de la página oficial de la CNH, el 26 de mayo de 2015.

3. Oportunidades para participar Cronograma. Extracción en aguas someras; Segunda Convocatoria, Licitación CNH-R01-L02/2015 1 The 2013 constitutional reform affected multiple sectors in the Mexican economy, including telecoms, electrical power generation and Oil and Gas. It is worthwhile speaking briefly about the more important aspects of the changes to the power sector. In many ways they mirror those of the Oil and Gas sector. The power changes will: Allow private investment in power generation Transmission and distribution remain under government control CFE becomes a state productive company CENACE is created and will act as an independent systems operator Local content minimums are required (subject to Mexican treaty commitments) Creation of program for sustainable use of energy and power generation New framework for exploration and exploitation of geothermal resources The presentation today will focus uniquely on the Oil and Gas sector. El gráfico y los datos han sido obtenidos de la página oficial de la CNH, el 19 de mayo de 2015.

3. Oportunidades para participar Extracción en aguas someras; Segunda Convocatoria, Licitación CNH-R01- L02/2015 1 The 2013 constitutional reform affected multiple sectors in the Mexican economy, including telecoms, electrical power generation and Oil and Gas. It is worthwhile speaking briefly about the more important aspects of the changes to the power sector. In many ways they mirror those of the Oil and Gas sector. The power changes will: Allow private investment in power generation Transmission and distribution remain under government control CFE becomes a state productive company CENACE is created and will act as an independent systems operator Local content minimums are required (subject to Mexican treaty commitments) Creation of program for sustainable use of energy and power generation New framework for exploration and exploitation of geothermal resources The presentation today will focus uniquely on the Oil and Gas sector. El gráfico y los datos han sido obtenidos de la página oficial de la CNH, el 19 de mayo de 2015.

3. Oportunidades para participar Cronograma. Extracción en áreas terrestres; Tercera Convocatoria, Licitación CNH-R01-L03/2015 1 The 2013 constitutional reform affected multiple sectors in the Mexican economy, including telecoms, electrical power generation and Oil and Gas. It is worthwhile speaking briefly about the more important aspects of the changes to the power sector. In many ways they mirror those of the Oil and Gas sector. The power changes will: Allow private investment in power generation Transmission and distribution remain under government control CFE becomes a state productive company CENACE is created and will act as an independent systems operator Local content minimums are required (subject to Mexican treaty commitments) Creation of program for sustainable use of energy and power generation New framework for exploration and exploitation of geothermal resources The presentation today will focus uniquely on the Oil and Gas sector. El gráfico y los datos han sido obtenidos de la página oficial de la CNH, el 19 de mayo de 2015.

3. Oportunidades para participar: Asociaciones de PEMEX (farm-outs) Los “socios” de PEMEX serán escogidos mediante licitaciones organizadas por CNH. Las primeras asociaciones cubrirán 14 bloques con características técnicas complejas, que requieren de inversiones significativas. Si bien el procedimiento aun no ha sido puesto en marcha, la siguiente información ha sido publicada: Se espera que el proceso se lleve a cabo con anterioridad a diciembre de 2015. Diez asociaciones serán formadas por PEMEX con “socios” privados. Reservas 2P: 1556.5 MMBOE Reservas 3P: 2664.0 MMBOE Promedio anual de inversiones estimadas: aprox. US$ 4.100 millones. 1 The 2013 constitutional reform affected multiple sectors in the Mexican economy, including telecoms, electrical power generation and Oil and Gas. It is worthwhile speaking briefly about the more important aspects of the changes to the power sector. In many ways they mirror those of the Oil and Gas sector. The power changes will: Allow private investment in power generation Transmission and distribution remain under government control CFE becomes a state productive company CENACE is created and will act as an independent systems operator Local content minimums are required (subject to Mexican treaty commitments) Creation of program for sustainable use of energy and power generation New framework for exploration and exploitation of geothermal resources The presentation today will focus uniquely on the Oil and Gas sector. Los datos fueron obtenidos de la página oficial de SENER, el 27 de marzo de 2015.

3. Oportunidades para participar: Asociaciones PEMEX (farm-outs) (Cont ¿Qué oportunidades siguen? Campos maduros en tierra: Wheeler, Ogarrio y Cardenas - Mora Campos maduros costa afuera: Bolontikú, Sinan y Ek Campos de crudos pesados en tierra: Ayatsil -Tekel - Utsil Campos costa afuera en aguas profundas de gas: Kunah – Piklis Descubrimientos en el Área Perdido: Trión y Exploratus 1 The 2013 constitutional reform affected multiple sectors in the Mexican economy, including telecoms, electrical power generation and Oil and Gas. It is worthwhile speaking briefly about the more important aspects of the changes to the power sector. In many ways they mirror those of the Oil and Gas sector. The power changes will: Allow private investment in power generation Transmission and distribution remain under government control CFE becomes a state productive company CENACE is created and will act as an independent systems operator Local content minimums are required (subject to Mexican treaty commitments) Creation of program for sustainable use of energy and power generation New framework for exploration and exploitation of geothermal resources The presentation today will focus uniquely on the Oil and Gas sector. Los datos fueron obtenidos de la página oficial de SENER, el 27 de marzo de 2015.

3. Oportunidades para participar: Migración de CIEPs y COPFs La nueva Ley de Hidrocarburos permite a PEMEX y sus contratistas solicitar la migración de los Contratos Integrales de Exploración y Producción (CIEP) y los Contratos de Obra Pública Financiada (COPF) a Contratos de E&E para llevar a cabo actividades de exploración y extracción. Primera etapa de migración: 11 contratos (inicialmente se esperaba que culminaría en 2014) Segunda etapa de migración: 11 contratos (inicialmente se esperaba tendría lugar durante el primer semestre de 2015) Las negociaciones siguen en curso y sus detalles aun no han sido publicados. Inversionistas pueden participar adquiriendo el control de los contratistas que actualmente son titulares de un CIEP o un COPF. 1 The 2013 constitutional reform affected multiple sectors in the Mexican economy, including telecoms, electrical power generation and Oil and Gas. It is worthwhile speaking briefly about the more important aspects of the changes to the power sector. In many ways they mirror those of the Oil and Gas sector. The power changes will: Allow private investment in power generation Transmission and distribution remain under government control CFE becomes a state productive company CENACE is created and will act as an independent systems operator Local content minimums are required (subject to Mexican treaty commitments) Creation of program for sustainable use of energy and power generation New framework for exploration and exploitation of geothermal resources The presentation today will focus uniquely on the Oil and Gas sector.

4. Participación de empresas colombianas en México La inversión total estimada para la Ronda 1 y Asociaciones PEMEX es de US$ 12.6 millardos/año (US$ 50.5 millardos durante el período 2015-2018). Contratos E&E Podrán competir por Contratos E&E a través de procesos competitivos adelantados por CNH Pueden formar consorcios o asociaciones (incluyendo con PEMEX, pero las Bases de Licitación pueden establecer restricciones) Pueden presentar propuestas individualmente o con otras compañías internacionales Contratos de servicio PEMEX Otras Empresas Productivas del Estado