New Energy Era in Mexico. Opportunities ahead… Alberto de la Parra Jones Day, Mexico City Office February, 2015 ࣓࢟ࢩࢥ࠾ࡅࡿ࢚ࢿࣝࢠ࣮᪂௦ ᚋࡢᶵ 䜰䝹䝧䝹䝖䞉䝕䞉䝷䞉䝟䞊䝷 䜰䝹 䝹䝖 䝕 䝷 䝟 䝷 䝆䝵䞊䞁䝈䞉䝕䜲 䝯䜻䝅䝁䝅䝔䜱䜸䝣䜱䝇 㻞㻜㻝㻡ᖺ㻞᭶ HYDROCARBONS 3 ⅣỈ⣲㈨※ 4 Where we left … CONSTITUTIONAL REFORM & SECONDARY LEGISLATION Migration of Service Contracts T To E&P Contracts Creation of State Productive Enterprises • Mature Mat re onshore fields : Rodador, Rodador Ogarrio FARM OUTS 5 and Cárdenas – Mora. • Mature offshore fields : Bolontikú, Sinán and Ek. • Heavy oil fields (offshore): Ayatsil – Tekel – Utsil. • Giant shallow water gas fields: Kunah – Piklis. • Discoveries in the Perdido Area: Trión and Exploratus ๓ᥦࡋ࡚ … ᠇ ἲ ᨵ ṇ & ḟ ἲ ไ ࢧ࣮ࣅࢫዎ⣙ࡽ E&P ዎ⣙ࡢ⛣⾜ ᅜႠ⏕⏘♫ࡢタ •ᡂ⇍࢜ࣥࢩࣙ༊⏬: Rodador, Ogarrio ཬࡧ Cárdenas – Mora. •ᡂ⇍࢜ࣇࢩࣙ༊⏬: Bolontikú, Sinán ཬࡧ Ek. •㔜Ἔ༊⏬㸦࢜ࣇࢩࣙ㸧: Ayatsil – Tekel – Utsil. • ὸᾏ࢞ࢫ༊⏬: Kunah – Piklis. Piklis •Perdidoᆅᇦ࠾ࡅࡿⓎぢ: Trión ཬࡧ Exploratus ࣇ࣮࣒࣭࢘ࢺ 6 A NEW • New corporate structure for Pemex designed using the best international practices insuring technical and management autonomy practices, autonomy, without losing control and ownership by the State. More flexible operations • They are vested with special regimes regarding: budget, public debt, contracting, goods, remunerations and subsidiary companies and affiliates The companies are the ones making the decisions without the affiliates. Governments intervention. M More transparency t • Besides complying with the Transparency Law they shall disclose i f information ti iin th the same tterms th than th the companies i registered i t d att th the stock t k exchange (their risks, relevant events, prospects and properties). State assumes the role of owner and stops intervening in the direct management of the companies. • Appoints members of the Board of Managers and its Director General. • The Executive proposes to Congress the State dividend that the companies shall deliver to the State. • Evaluate the overall performance of the companies and its directors. New Subsidiaries •Primary-production: responsible for exploration, production and processing activities •Industrial-transformation: responsible for refining and petrochemicals 7 A NEW • Pemex ࡢ᪂ࡓ࡞ᴗᙧែࡣࠊᅜࡼࡿᨭ㓄࣭ᡤ᭷ࢆ⥔ᣢࡋࡘࡘࡶࠊᅜ㝿ⓗ ࡞࣋ࢫࢺࣉࣛࢡࢸࢫࢆཧ⪃ ᢏ⾡࣭⤒Ⴀୖࡢ⊂❧ᛶࢆ☜ಖࡋࡓタィࡀ ࡞࣋ࢫࢺࣉࣛࢡࢸࢫࢆཧ⪃ࠊᢏ⾡ ⤒Ⴀୖࡢ⊂❧ᛶࢆ☜ಖࡋࡓタィࡀ ࡞ࡉࢀ࡚࠸ࡿࠋ ࡼࡾᰂ㌾࡞࣮࢜࣌ࣞࢩࣙࣥ ᭦࡞ࡿ㏱᫂ᛶ ᅜࡣᡤ᭷⪅ࡋ࡚ࡢᙺࢆ ᢸ࠸ࠊ♫ࡢ⤒Ⴀࡢධ ࢆ⾜ࢃ࡞࠸ࠋ ᪂ࡓ࡞Ꮚ♫ • Pemexࡣࠊண⟬ࠊබⓗമົࠊዎ⣙ࠊၟရࠊሗ㓘ࠊᏊ♫ཬࡧ㛵㐃♫ 㛵ࡋ࡚≉ู࡞ไᗘࡀᐃࡵࡽࢀ࡚࠾ࡾ ᨻᗓࡢධ࡞ࡃỴᐃࡀ⾜ࢃࢀࡿ 㛵ࡋ࡚≉ู࡞ไᗘࡀᐃࡵࡽࢀ࡚࠾ࡾࠊᨻᗓࡢධ࡞ࡃỴᐃࡀ⾜ࢃࢀࡿࠋ • PemexࡣࠊTransparency ࡣࠊ p y Lawࢆ㑂Ᏺࡋࠊࡘドๆྲྀᘬᡤୖሙᴗྠࡌ ࢆ㑂Ᏺࡋࠊ ドๆྲྀᘬᡤ ሙᴗྠࡌ ᮲௳ࡢࡶሗ㛤♧ࢆ⾜࠺㸦ࣜࢫࢡࠊ㛵㐃㇟ࠊᴗ⦼ணཬࡧ㈨⏘㸧ࠋ • Board of ManagersࡢᵓᡂဨཬࡧDirector g Generalࢆ㑅௵ࡍࡿࠋ • ᨻᗓࡣࠊ㆟ᑐࡋ࡚ࠊ♫ࡀᅜࡍࡿ㓄ᙜ㛵ࡋ࡚ᥦࢆ⾜࠺ࠋ • ♫ཬࡧᙺဨࡢᴗ⦼ホ౯ࢆ⾜࠺ࠋ •୍ḟ⏕⏘: ᥈㖔ࠊ⏕⏘ཬࡧฎ⌮ᕤ⛬ࢆᢸᙜ •⏘ᴗ㌿: ⢭〇ཬࡧ▼ἜᏛ〇ရࢆᢸᙜ 8 UPSTREAM 9 ࢵࣉ ࢺࣜ ࢵࣉࢫࢺ࣮࣒ࣜ 10 REMEMBERING THE REGULATION Mexico maintains ownership of hydrocarbons in the subsoil subsoil. Assignments • Awarded to PEMEX in Round 0 • PEMEX is allowed to migrate a number of the assigned fields to contracts and operated trough associations with private entities (Farm-Out) Contracts • Contracts may be : (i) license agreements; (ii) service agreements; (iii) profit-sharing agreements; (iv) production-sharing agreements; or (v) any combination of these. • Entered into between the State, through National Hydrocarbons Commission (CNH), and private companies or special purpose entity (SPE). • Possibility of registering reserves associated to a contract. • Administrative termination due to significant g contract breach. International Arbitration • Direct participation of the State: (i) coexisting fields; (ii) to promote technology transfer; (iii) economic interest to participate through a special purpose vehicle. In the last two cases, a maximum 30% participation will be established. • Mining concessionaries may obtain a contract to extract coal bed methane stored in carbon mines already in production without a bidding process. Trans-boundary Hydrocarbon Reserves • In areas where trans-boundary reserves may exist, SPE will have a minimum participation of 20%. • International treaties will apply on confirmed trans-boundary reserves. ࣞࢠ࣮ࣗࣞࢩࣙࣥࡘ࠸࡚ ࣓࢟ࢩࢥྜ⾗ᅜࡀᗏᅵ࠶ࡿⅣỈ⣲㈨※ࡢᡤ᭷ᶒࢆಖ᭷ࡋ࡚࠸ࡿࠋ ࣓࢟ࢩࢥྜ⾗ᅜࡀᗏᅵ࠶ࡿⅣỈ⣲㈨※ࡢᡤ᭷ᶒࢆಖ᭷ࡋ࡚࠸ࡿ ᙜ • ࣛ࢘ࣥࢻ࣭ࢮࣟ࠾࠸࡚ PEMEX ࡾᙜ࡚ࡽࢀࡓࠋ • PEMEXࡣࠊᙜࡽࢀࡓ༊⏬ࡢከࡃࢆዎ⣙ࡼࡾ⛣ㆡࡋࠊẸ㛫ᴗ⪅ඹྠ㐠Ⴀࡍࡿࡇ ࡀㄆࡵࡽࢀ࡚࠸ࡿ (ࣇ࣮࣒࣭࢘ࢺ)ࠋ ዎ ⣙ • ዎ⣙᪉ᘧ : (i) ࣛࢭࣥࢫዎ⣙; (ii) ࢧ࣮ࣅࢫዎ⣙; (iii) ┈ศ㓄ዎ⣙; (iv) ⏕⏘ศዎ⣙; ཪࡣ (v) ࡑࢀࡽࡢ」ྜዎ⣙ • 㸦 ᅜᐙⅣỈ⣲ጤဨ㸦CNH㸧ࢆࡋ࡚㸧ᅜࡀẸ㛫ᴗ⪅ཪࡣ≉ู┠ⓗ♫㸦SPE㸧 ࡢ㛫࡛⥾⤖ • ዎ⣙㛵㐃ࡍࡿ㈨※Ⓩ㘓ࡢྍ⬟ᛶ • ࡞ዎ⣙㐪 ᇶ ࡃ⾜ᨻⓗᡭ⥆ ࡿዎ⣙⤊ࠋᅜ㝿௰ ࡿࠋ 㔜࡞ዎ⣙㐪ᇶ࡙ࡃ⾜ᨻⓗᡭ⥆ࡼࡿዎ⣙⤊ࠋᅜ㝿௰ࡼࡿࠋ • ᅜࡢ┤᥋ཧຍ: (i) ඹྠ༊⏬; (ii) ᢏ⾡⛣㌿ࡢಁ㐍; (iii) ≉ᐃ┠ⓗ♫ࢆࡋࡓ⤒῭ⓗᣢศ ࡼࡿཧຍࠋ (ii)ཬࡧ(iii)࡛ࡣࠊ᭱30%ࡢཧຍࡀ☜❧ࡉࢀࡿࡇ࡞ࡿࠋ • ᥇᥀ᶒ⪅ࡣࠊධᮐᡭ⥆ࡼࡿࡇ࡞ࡃࠊ᪤⏕⏘ࡀ㛤ጞࡉࢀ࡚࠸ࡿⅣ㖔ࡽ⏘ฟࡉࢀ ᥇᥀ᶒ⪅ࡣ ධᮐᡭ⥆ࡼࡿࡇ࡞ࡃ ᪤⏕⏘ࡀ㛤ጞࡉࢀ࡚࠸ࡿⅣ㖔ࡽ⏘ฟࡉࢀ ࡿⅣᒙ࣓ࢱࣥࢆᢳฟࡍࡿዎ⣙ࢆྲྀᚓࡍࡿࡇ࡞ࡿࠋ ㉺ቃⅣỈ⣲㈨※ • ㉺ቃ㈨※ࡀᏑᅾࡍࡿሙྜ SPEࡀ᭱ప20%ཧຍࡍࡿࡇ࡞ࡿ ㉺ቃ㈨※ࡀᏑᅾࡍࡿሙྜࠊSPEࡀ᭱ప20%ཧຍࡍࡿࡇ࡞ࡿࠋ • ☜ᐃࡋࡓ㉺ቃ㈨※ࡘ࠸࡚ࡣࠊᅜ㝿᮲⣙ࡀ㐺⏝ࡉࢀࡿࠋ 12 ዎ⣙᪉ᘧࡈࡢィ㡯┠ ⏕⏘ศ ┈ศ㓄 ࣛࢭࣥࢫ ዎ⣙ ἲே⛯ ݱ ݱ ݱ ୖᒙࡢ㈤ᩱ ݱ ݱ ݱ ᅜ⛯ཬࡧᆅ᪉⛯ ݱ ݱ ݱ ᇶᮏࣟࣖࣝࢸ ݱ ݱ ݱ Signature ࣮࣎ࢼࢫ x x ݱ ݱ 㸦⌧≀⤥㸧 ݱ 㸦⌧㔠㸧 ݱ 㸦⌧㔠㸧 ݱ/x ݱ x ݱ ݱ ݱ ⤒῭ኚᩘ 㸦ᅜࡢᨭᡶ㸧 ࢥࢫࢺᅇ ㄪᩚ࣓࢝ࢽࢬ࣒ ࡉࢀࡿኚᩘࡣ⤒῭ⓗᛶ᱁ࢆ᭷ࡋࠊᅜᐙࡢṓධࢆ᭱ࡍࡿࡇ࡞ ࡉࢀࡿኚᩘࡣ⤒῭ⓗᛶ᱁ࢆ᭷ࡋ ᅜᐙࡢṓධࢆ᭱ࡍࡿࡇ࡞ ࡿࠋ 13 FISCAL ELEMENTS BY CONTRACT TYPE Awarding A di variables i bl will ill h have an economic i nature, t tto maximize i i th the St State’s t ’ revenue. 14 ROUND ZERO & FARM OUTS • On August 13, 2014, the Ministry of Energy published a list of the exploration areas and producing fields that will continue to be developed by Pemex: a. 120 assignments to Pemex, consisting of 71 percent of the company's current oil production and 73 percent of the company's company s current natural gas production; b. 12.45 million barrels oil equivalent of proven reserves, which are almost all reserves that Pemex requested; c. 20.6 million barrels oil equivalent of prospective resources, which is 67 percent of the reserves that Pemex requested. requested • Pemex announced the “Farm – Out” of a number of the blocks that were assigned to it in Round Zero. ࣛ࢘ࣥࢻ࣭ࢮࣟ & ࣇ࣮࣒࣭࢘ࢺ • 2014ᖺ8᭶13᪥ࠊ࢚ࢿࣝࢠ࣮┬ࡣࠊPemexࡼࡗ࡚㛤Ⓨࡀ⥅⥆ࡋ࡚࡞ࡉࢀࡿ ࡇ࡞ࡿ᥈㖔༊⏬ཬࡧ⏕⏘༊⏬ࡢࣜࢫࢺࢆබ⾲ࡋࡓࠋ a. Pemexᙜ࡚ࡽࢀࡓ120ࡢ༊⏬ࠋᙜヱ♫ࡢ⌧ᅾࡢ▼Ἔ⏕⏘ࡢ71㸣ཬࡧኳ↛࢞ࢫ⏕⏘ࡢ 73㸣ࢆᵓᡂ b. 12.45ⓒࣂࣞࣝ┦ᙜࡢ▼Ἔྍ᥇㈨※ࠋPemexࡀせồࡋ࡚࠸ࡓ㈨※ࡢࢇ࡚ c. 20.6ⓒࣂࣞࣝ┦ᙜࡢ▼Ἔᐃ㈨※ࠋPemexࡀせồࡋ࡚࠸ࡓ㈨※ࡢ67㸣 • Pemexࡣࠊࣛ࢘ࣥࢻࢮࣟ࠾࠸࡚ᙜ࡚ࡽࢀࡓከࡃࡢ༊⏬ࡘ࠸࡚ Pemexࡣ ࣛ࢘ࣥࢻࢮࣟ࠾࠸࡚ᙜ࡚ࡽࢀࡓከࡃࡢ༊⏬ࡘ࠸࡚“ࣇ࣮࣒࣭࢘ࢺ” ࣇ ࣒࣭࢘ࢺ ࢆⓎ⾲ࡋ ࡓࠋ 16 ROUND ONE – SHALLOW WATERS • On December 11, 2014, the CNH announced the first call for bids to participate in the Round One auction of oil and gas properties in Mexico. • Round One will offer 169 blocks for auction, of which 109 will be exploration projects and 60 will b d be development l projects. j Th The first fi blocks bl k to b be offered ff d ffor auction i are 14 shallow h ll water bl blocks. k • Mexican and foreign companies (including state productive companies) may participate, individually or in consortium and may submit bids for multiple blocks . However, no member of th consortium the ti may have h e a greater t participation ti i ti percentage t than th the th Operator, O t no Company C may take part in more than one consortium and Large-Scale Oil Companies may not associate with other Large-Scale Oil Companies. • Companies or consortia may submit Bids for up to five blocks in the Bidding Process Process. • Interested Party must pay the following fees: a) 5,300,000.00 pesos to access the Data Room b) 280 280,000.00 000 00 pesos for Registration ࣛ࢘ࣥࢻ࣭࣡ࣥ – ὸᾏᇦ • 2014ᖺ12᭶11᪥ࠊCNHࡣ࣓࢟ࢩࢥ࠾ࡅࡿ▼Ἔཬࡧ࢞ࢫࡢࣛ࢘ࣥࢻ࣭࣡ࣥࡢ ࡧ࢞ ࢻ ࣮࢜ࢡࢩࣙࣥཧຍࡍࡿࡓࡵࡢ᭱ึࡢධᮐࡘ࠸࡚Ⓨ⾲ࢆ⾜ࡗࡓࠋ • ࣛ࢘ࣥࢻ࣭࡛࣡ࣥࡣࠊ169༊⏬ࡀ࣮࢜ࢡࢩࣙࣥ౪ࡉࢀࡿࡇ࡞ࡾࠊࡑࡢෆࡢ109༊⏬ࡀ᥈㖔 ࣉ ࢪ ࢡࢺ ࠶ࡾ ṧ ࡾ60ࡀ㛤Ⓨࣉࣟࢪ࢙ࢡࢺ࡛࠶ࡿࠋ᭱ึࡢ࣮࢜ࢡࢩࣙࣥ౪ࡉࢀࡿ༊⏬ ࣉࣟࢪ࢙ࢡࢺ࡛࠶ࡾࠊṧ ࡾ60ࡀ㛤Ⓨࣉ ࢪ ࢡࢺ ࠶ࡿ ᭱ึࡢ࢜ ࢡࢩ ౪ࡉࢀࡿ༊⏬ ࡣ14 ὸᾏᇦ࡛࠶ࡿࠋ • ࣓࢟ࢩࢥࡢ♫ཬࡧእᅜ♫ (ᅜႠ⏕⏘♫ࢆྵࡴࠋ) ࡣࠊ༢⊂ཪࡣඹྠ࡛ཧຍࡍࡿࡇࡀ࡛ࡁࠊ 」ᩘࡢ༊⏬ࡘ࠸࡚ධᮐࢆ⾜࠺ࡇࡀ࡛ࡁࡿ ణࡋ 」ᩘࡢ༊⏬ࡘ࠸࡚ධᮐࢆ⾜࠺ࡇࡀ࡛ࡁࡿࠋణࡋࠊࢥࣥࢯ࣮ࢩ࣒ࡢྛᴗ⪅ࡢᣢศྜࡣ࢜ ࣥࢯ ࢩ࣒ࡢྛᴗ⪅ࡢᣢศྜࡣ࢜ ࣮࣌ࣞࢱ࣮ࡢᣢศࢆ㉸࠼࡞࠸ࡇࠊ」ᩘࡢࢥࣥࢯ࣮ࢩ࣒ࡣཧຍࡋ࡞࠸ࡇࠊཬࡧつᶍ▼Ἔ ♫ࡣࡢつᶍ▼Ἔ♫ࡢඹྠᴗࢆ⾜ࢃ࡞࠸ࡇࡀᚲせ࡛࠶ࡿࠋ • ♫ཪࡣඹྠᴗ⪅ࡣධᮐᡭ⥆࡛5༊⏬ࡲ࡛ධᮐࢆ⾜࠺ࡇࡀ࡛ࡁࡿ ♫ཪࡣඹྠᴗ⪅ࡣධᮐᡭ⥆࡛5༊⏬ࡲ࡛ධᮐࢆ⾜࠺ࡇࡀ࡛ࡁࡿࠋ • ᙜ⪅ࡣࠊ௨ୗࡢ㈝⏝ࢆᨭᡶࢃ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋ a) ࢹ࣮ࢱ࣭࣮࣒ࣝࡢࢡࢭࢫ 5,300,000.00 ࣌ࢯ b) Ⓩ㘓 280,000.00 ࣌ࢯ ROUND ONE – PREQUALIFICATION Technical Capabilities 1. Verifiable experience as Operator during the period 2010-2014, regardless of whether the project started before or ended within this period: a) At least three Exploration & Production (E&P) projects, projects or b) Capital investments, in E&P projects of at least one billion dollars in the aggregate. 2. Demonstrate it has been the operator in at least one offshore exploration and extraction project or has participated, as partner, in at least two offshore E&P projects in the past five years. 3. Proposed personnel for key management positions has at least 10 years of experience in managing offshore E&Pprojects. 4. Must demonstrate it has experience in the areas of industrial safety and environmental protection d i th during the pastt fi five years. Financial Capabilities 1. Prove a net worth of at least one billion dollars or prove that it has: total assets of at least ten billion dollars, and an investment-grade credit rating according to any major rating agency. 2. Additional Criterion in the case of Consortiums: a) Consortium must prove a net worth of at least one billion dollars, this amount must be achieved with equity of no more than three members of the Consortium b) Operator must prove a net worth of at least 600 million dollars, and must own at least one third of the economic interests in the Consortium 19 ࣛ࢘ࣥࢻ࣭࣡ࣥ – ๓㈨᱁ᑂᰝ ᢏ⾡ⓗ⬟ຊ 1. 2010ᖺࡽ2014ᖺࡲ࡛ࡢ㛫࠾ࡅࡿ࣮࢜࣌ࣞࢱ࣮ࡋ࡚ࡢ❧ドྍ⬟࡞⤒㦂ࠋࣉࣟࢪ࢙ࢡࢺࡀᙜヱ ᮇ㛫ࡢ๓㛤ጞཪࡣᮇ㛫୰⤊ࡋࡓࡣၥࢃ࡞࠸ࠋ a) ᑡ࡞ࡃࡶ3௳ࡢ ᥈ᰝ ᥈ᰝ࣭⏕⏘㸦E&P㸧 ⏕⏘㸦E&P㸧 ࣉࣟࢪ࢙ࢡࢺࠊཪࡣ ࣉࣟࢪ࢙ࢡࢺ ཪࡣ b) ⥲ィ10൨ࢻࣝ௨ୖࡢ E&P ࣉࣟࢪ࢙ࢡࢺࡢᢞ㈨ 2. 㐣ཤ5ᖺ㛫ࠊ᭱ప1௳ࡢᾏὒ᥈ᰝ࣭᥇᥀ࣉࣟࢪ࢙ࢡࢺ࡛࣮࢜࣌ࣞࢱ࣮ࢆົࡵࡓࡇࠊཪࡣ᭱ప2௳ࡢ ᾏὒ E&P ࣉࣟࢪ࢙ࢡࢺ࡛ࣃ࣮ࢺࢼ࣮ࡋ࡚ཧຍࡋ࡚࠸ࡓࡇࢆ❧ドࡍࡿࡇࠋ 3. 㔜せ࡞⟶⌮࣏ࢪࢩࣙࣥࡘࡃணᐃࡢᢸᙜ⪅ࡣࠊᾏὒ E&P ࣉࣟࢪ࢙ࢡࢺࡢ⟶⌮⤒㦂ࢆ᭱ప10ᖺ௨ୖ ᭷ࡍࡿࡇࠋ 4. ୖグࡢ⪅ࡀࠊ㐣ཤ5ᖺ㛫⏘ᴗᏳཬࡧ⎔ቃಖㆤ㛵ࡍࡿᐇົ⤒㦂ࢆ᭷ࡍࡿࡇࢆ❧ドࡍࡿࡇࠋ ㈈ົ⬟ຊ 1. ᭱ప10൨ࢻࣝࡢ⣧㈨⏘ࠊཪࡣࠊ᭱ప100൨ࢻࣝࡢ⥲㈨⏘ཬࡧせ࡞᱁ᶵ㛵ࡼࡿᢞ㈨㐺᱁᱁ࢆ ᭷ࡍࡿࡇࡢド᫂ 2. ࢥࣥࢯ࣮ࢩ࣒ࡢሙྜ࠾ࡅࡿ㏣ຍⓗࢡࣛࢸࣜ a) ࢥࣥࢯ࣮ࢩ࣒ࡢ⣧㈨⏘ࡣ᭱ప10൨ࢻ࡛ࣝ࠶ࡿࡇࢆ❧ドࡋ࡞ࡅࢀࡤ࡞ࡽࡎࠊᙜヱ㢠ࡣࢥࣥࢯ࣮ ࢩ࣒ࡢ࠺ࡕ࡛᭱3♫ࡢᣢศࡼࡗ࡚㐩ᡂࡉࢀ࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋ b) ࣮࢜࣌ࣞࢱ࣮ࡣ᭱ప6൨ࢻࣝࡢ⣧㈨⏘ࢆ᭷ࡋࠊࡘࠊࢥࣥࢯ࣮ࢩ࣒ࡢ⤒῭ⓗᣢศࡢ᭱ప3ศࡢ1 ࢆ᭷ࡋ࡚࠸࡞ࡅࢀࡤ࡞ࡽ࡞࠸ࠋ 20 ROUND ONE – BIDDING PROCESS- 21 ࣛ࢘ࣥࢻ࣭࣡ࣥ – ධᮐᡭ⥆- 22 ROUND ONE – THE PRODUCTION SHARING E & P CONTRACT • P fi allocation: Profit ll i • State Consideration • • Contractor Consideration • • Contractual Fee during the Exploratory Phase (1,150 pesos /km2 during the first 60 months and 2,750 pesos /km2 for the subsequent months); th ) Royalties (rate for each type of Hydrocarbon produced during the Month), and ____% of the Operating Profit for such Month. Recoverable Costs Reimbursement (that may not be grater than 60% of the Contractual Value of the Hydrocarbons in said Month), and ___ % off th the O Operating ti P Profit fit ffor such hM Month. th The Mexican Petroleum Fund for Stabilization and Development shall determine the State Consideration C id ti and d th the C Contractor t t C Consideration id ti ffor each hM Month th b based d on th the iinformation f ti relating to production, quality and other data it receives from the Contractor and CNH. • Contractor will carry out exploration and extraction at its own risk and will begin receiving payments only l when h production d ti starts. t t • Contract establishes minimum percentage of local content as well as the work program that needs to be fulfilled on a yearly basis. 23 ࣛ࢘ࣥࢻ࣭࣡ࣥ – ⏕⏘ศE & Pዎ⣙ • ┈ศ㓄 ┈ศ㓄: • • ᅜࡢ ᑐ౯ • ዎ⣙ᙜ⪅ࡢ ᑐ౯ • • ዎ⣙ሗ㓘 ᥈㖔ࣇ࢙࣮ࢬࡢ㛫 (᭱ึࡢ60࢝᭶ 1,150࣌ࢯ /ᖹ᪉࢟ࣟ ཬࡧ ࡑࡢᚋࡢ᭶㢠 2,750࣌ࢯ /ᖹ᪉࢟ࣟ); ࣟࣖࣝࢸ࣮ ࣖ ࢸ (᭶ẖ⏕⏘ࡋࡓⅣỈ⣲ࡢࡑࢀࡒࢀࡢࢱࣉᛂࡌࡓ࣮ࣞࢺ) ᙜヱ᭶࠾ࡅࡿႠᴗ┈ࡢ____% ᅇྍ⬟ཎ౯ࡢൾ㑏 ( ణࡋࠊᙜヱ᭶࠾ࡅࡿⅣỈ⣲ࡢዎ⣙ୖࡢホ౯㢠ࡢ60%ࢆୖᅇࡽ ࡞࠸ࡇ) ᙜヱ᭶࠾ࡅࡿႠᴗ┈ࡢ___㸣 Mexican Petroleum Fund for Stabilization and Developmentࡀࠊዎ⣙ᙜ⪅ཬࡧCNHࡽධ ᡭࡋࡓ⏕⏘ࠊᛶ㉁ࡑࡢࡢࢹ࣮ࢱᇶ࡙ࡁࠊẖ᭶ࡢᅜࡢᑐ౯ཬࡧዎ⣙ᙜ⪅ࡢᑐ౯ࢆỴ ᐃࡍࡿࡇ࡞ࡿࠋ ᐃࡍࡿࡇ࡞ࡿ • ዎ⣙ᙜ⪅ࡣ⮬ᕫࡢ㈐௵࡚᥈㖔ཬࡧᢳฟࢆ⾜࠸ࠊ⏕⏘άືࢆ㛤ጞࡋࡓሙྜࡢࡳᨭᡶࢆཷ㡿ࡍࡿ ࡇࡀ࡛ࡁࡿࠋ • ዎ⣙ࡣࠊ⌧ᆅㄪ㐩⋡ࡢ᭱ప㝈ᗘཬࡧᖺ㛫࣮࣋ࢫ࡛㐩ᡂࡍࡿࡇࡀᚲせ࡞࣮࣡ࢡ࣭ࣉࣟࢢ࣒ࣛࢆつ ᐃࡍࡿࠋ 24 ROUND ONE – THE PRODUCTION SHARING E & P CONTRACT - 25 ࣛ࢘ࣥࢻ࣭࣡ࣥ –⏕⏘ศE & Pዎ⣙ - ࣭3ᖺࡢᮇ㝈ࠊ2ᖺࢆୖ㝈 ᘏ㛗ྍ⬟ ࣭᥈⣴ᮇ㛫 ၟᴗⓗ࡞Ⓨぢࡀ☜ㄆࡉࢀࡓሙ ྜ㸸 ࣭㛤Ⓨࣉࣛࣥ ݱ᭱ప࣮࣡ࢡ࣭ࢥ࣑ࢵࢺ࣓ࣥ ࢺ ݱᐇ⾜ࡉࢀࡿࡁάື ݱᢏ⾡⛣㌿ࣉ ࢢ࣒ࣛ ݱᢏ⾡⛣㌿ࣉࣟࢢ࣒ࣛ ݱᢏ⾡⛣㌿ࣉ ࢢ࣒ࣛ ݱᢏ⾡⛣㌿ࣉࣟࢢ࣒ࣛ ࣭ࢺ࣓ࣥࢪࢿ࣐࣭ࢡࢫࣜݱ ࣉࣟࢢ࣒ࣛ ݱᣑᙇࡉࢀࡓᅇ ࣉࣟࢢ࣒ࣛ ࣭ᖺ㛫࣮࣡ࢡ࣭ࣉࣟࢢ࣒ࣛ ᆅ㉁Ꮫⓗ࡞Ⓨぢࡀ☜ㄆࡉࢀࡓሙ ྜࠊ2ࡘࡢホ౯ࣉࣟࢢ࣒ࣛ㸦12 ࢝᭶ẖ㸧 ࣭ࢺ࣓ࣥࢪࢿ࣐࣭ࢡࢫࣜݱ ࣉࣟࢢ࣒ࣛ ࣭ᖺ㛫࣮࣡ࢡ࣭ࣉࣟࢢ࣒ࣛ 26 ༊⏬ࡢᡂ⇍ᗘ ẚࡋࡓ ᪂つࡢᣑᙇࡉ ࢀࡓᅇࣉࣟ ࢢ࣒ࣛ ᪂つࡢᣑᙇࡉ ࢀࡓᅇࣉࣟ ࢢ࣒ࣛ㛵ࡍ ࡿࣥ࣋ࢫࢺ ࣓ࣥࢺ࣭ࢥ ࣑ࢵࢺ࣓ࣥࢺ ࡢ㏣ຍ MIDSTREAM 27 ࣑ࢵࢻࢫࢺࣜ ࣒ ࣑ࢵࢻࢫࢺ࣮࣒ࣜ 28 REMEMBERING THE REGULATION • A Permit from the CRE is required for the transportation transportation, storage, storage distribution distribution, compression, liquefaction, and decompression of hydrocarbons, petroleum resources, petrochemicals, and gas. • Permit holders who render transport and distribution services by means of pipelines to third parties, as well as storage not for self use shall have the obligation to provide open access, subject to the existence of available capacity in their systems in exchange for a consideration regulated by the CRE. • The capacity reserves that are not contracted or used shall be put at the markets disposition by means of an open season process. • Transport permit holders for natural gas through pipelines may not commercialize the hydrocarbon. • Reduction of the State concentration in the commercialization market and pipeline p y to 50% % in 5 yyears and 20% % in 10 yyears. capacity • A special permit scheme is established for the following activities: Comisión Reguladora de Energía (Energy Regulatory Commission) Ministry of Energy • Sale to the public of gasoline and diesel. • Transport, storage and distribution of oil, natural gas, oil derivatives and petrochemicals h i l through h h pipelines. i li • Transport, storage and distribution of LP gas by means of pipelines. • • • • Sale to the public of LP gas. Treatment and refinery of oil. Processing natural gas. Transport, storage and distribution of LP gas through h h means other h than h pipelines. • Import and export of hydrocarbons. 29 ࣞࢠ࣮ࣗࣞࢩࣙࣥࡘ࠸࡚ • ⅣỈ⣲ࠊ▼Ἔ㈨※ࠊ▼ἜᏛ〇ရཬࡧ࢞ࢫࡢ㍺㏦ࠊ㈓ⶶࠊὶ㏻ࠊᅽ⦰ࠊ ⅣỈ⣲ ▼Ἔ㈨※ ▼ἜᏛ〇ရཬࡧ࢞ࢫࡢ㍺㏦ ㈓ⶶ ὶ㏻ ᅽ⦰ ᾮཬࡧඖࢆ⾜࠺ࡓࡵࡣࠊCREࡢチྍࡀᚲせ࡛࠶ࡿࠋ • ࣃࣉࣛࣥࡼࡗ࡚➨୕⪅㍺㏦࣭ὶ㏻ࢧ࣮ࣅࢫࢆᥦ౪ࡋࠊࡲࡓ㈓ⶶ㸦⮬ᕫ⏝ࡢࡓ ࡵࡢࡶࡢࢆ㝖ࡃ 㸧ࢆ⾜࠺チྍಖ᭷⪅ࡣ ⮬⏤࡞ࢡࢭࢫࢆᥦ౪ࡍࡿ⩏ົࢆ㈇࠺ ࡞࠾ ࡵࡢࡶࡢࢆ㝖ࡃࠋ㸧ࢆ⾜࠺チྍಖ᭷⪅ࡣࠊ⮬⏤࡞ࢡࢭࢫࢆᥦ౪ࡍࡿ⩏ົࢆ㈇࠺ࠋ࡞࠾ࠊ ࡑࢀࡽࡢࢩࢫࢸ࣒⏝ྍ⬟࡞ᐜ㔞ࡀᏑᅾࡍࡿࡇࡀ๓ᥦ࡞ࡾࠊࡲࡓᑐ౯ࡘ࠸࡚ࡣ CREࡼࡗ࡚つไࡉࢀࡿࠋ • ዎ⣙ཪࡣ⏝ࡢᑐ㇟࡞ࡗ࡚࠸࡞࠸ணഛ㈨※ࡣࠊ࢜ ዎ⣙ཪࡣ⏝ࡢᑐ㇟࡞ࡗ࡚࠸࡞࠸ணഛ㈨※ࡣ ࣮࢜ࣉ࣭ࣥࢩ࣮ࢬ࣭ࣥࣉࣟࢭࢫࡼࡗ ࣉࣥ ࢩ ࢬࣥ ࣉࣟࢭࢫࡼࡗ ࡚ᕷሙ࡛ฎศࡉࢀࡿࠋ • ኳ↛࢞ࢫࡢࣃࣉࣛࣥࡼࡿ㍺㏦ᴗチྍࡢಖ᭷⪅ࡣࠊⅣỈ⣲ࢆྲྀᘬࡍࡿࡇࡀ࡛ࡁ ࡞࠸ࠋ • ྲྀᘬᕷሙཬࡧࣃࣉࣛࣥᐜ㔞࠾ࡅࡿᅜࡢ༨᭷⋡ࢆ5ᖺ࡛50㸣ࠊ10ᖺ࡛20㸣ῶᑡ • ௨ୗࡢάືࡘ࠸࡚≉ู࡞チྍࢫ࣮࣒࢟ࡀタࡅࡽࢀࡿࠋ Comisión Reguladora de Energía 㸦࢚ࢿࣝࢠ࣮つไጤဨ㸧 ࢚ࢿࣝࢠ࣮┬ •࢞ࢯࣜࣥཬࡧࢹ࣮ࢮࣝࡢᑠࡾ •ࣃࣉࣛࣥࡼࡿ▼Ἔࠊኳ↛࢞ࢫࠊ▼Ἔ ⏘ရࠊ▼ἜᏛ〇ရࡢ㍺㏦ࠊ㈓ⶶཬࡧὶ ㏻ •ࣃࣉࣛࣥࡼࡿLP࢞ࢫࡢ㍺㏦ࠊ㈓ⶶཬ ࡧὶ㏻ 30 •LP࢞ࢫࡢᑠࡾ •▼Ἔࡢฎ⌮ཬࡧ⢭〇 •ኳ↛࢞ࢫࡢฎ⌮ •ࣃࣉࣛࣥ௨እࡢᡭẁࡼࡿLP࢞ࢫࡢ ㍺㏦ࠊ㈓ⶶཬࡧὶ㏻ ⅣỈ⣲ࡢ㍺ฟධ •ⅣỈ⣲ࡢ㍺ฟධ NATURAL GAS RELATED CONTRACTS CURRENTLY IN EFFECT • Contracts currently in effect entered into by Private Entities with Pemex, where Pemex is the majority stakeholder, shall be transferred to CENAGAS (National Center for Gas Control). • In those Companies where Pemex participates as a minority stakeholder, Pemex participation interest will be transferred to CENAGAS. CENAGAS • Private Entities with a permit in effect prior to the new Hydrocarbons Law, will require to exchange the permit for a new one in terms of the new Hydrocarbon Law, by December 31, 2015. • N New permits it will ill regulate l t the th Open O Season S framework f k as wellll as other th ttechnical h i l and d economical i l requirements. Prior to such date, they may continue rendering the services for which they have a permit. 31 ⌧ᅾຠຊࢆ᭷ࡍࡿኳ↛࢞ࢫ㛵㐃ዎ⣙ • Pemexࡀ࣐ࢪࣙࣜࢸฟ㈨⪅࡞ࡗ࡚࠸ࡿࠊPemexẸ㛫ᴗ⪅ࡢ㛫࡛⥾⤖ࡉࢀࡓ⌧ᅾ᭷ຠ࡞ዎ⣙ࡣࠊ CENAGAS (National Center for Gas Control)⛣㌿ࡉࢀࡿࠋ • Pemexࡀ࣐ࣀࣜࢸฟ㈨⪅ࡋ࡚ཧධࡋ࡚࠸ࡿ♫ࡘ࠸࡚ࡣࠊPemexࡢᣢศࡣ CENAGAS⛣㌿ࡍࡿࠋ • ᪂ⅣỈ⣲ἲࡼࡾ๓ຠຊࢆ᭷ࡍࡿチྍࢆ᭷ࡍࡿẸ㛫ᴗ⪅ࡣࠊᙜヱチྍ᪂ἲᇶ࡙ࡃ᪂ࡓ࡞チྍࢆ 2015ᖺ12᭶31᪥ࡲ࡛ࡍࡿࡇࢆồࡵࡽࢀࡿࠋ • ᪂ࡓ࡞チྍࡣࠊࡑࡢࡢᢏ⾡ୖཬࡧ⤒῭ୖࡢせ௳ࡢࠊ࣮࢜ࣉ࣭ࣥࢩ࣮ࢬ࣭ࣥࣇ࣮࣒࣮ࣞ࣡ࢡࢆつไࡍࡿ ࡶࡢ࡛࠶ࡿ ᙜヱ᪥๓ࡲ࡛ࡣ Ẹ㛫ᴗ⪅ࡣ ⌧≧᭷ࡋ࡚࠸ࡿチྍᇶ࡙ࡃࢧ ࣅࢫࢆᥦ౪ࡋ⥆ࡅࡿࡇ ࡶࡢ࡛࠶ࡿࠋᙜヱ᪥๓ࡲ࡛ࡣࠊẸ㛫ᴗ⪅ࡣࠊ⌧≧᭷ࡋ࡚࠸ࡿチྍᇶ࡙ࡃࢧ࣮ࣅࢫࢆᥦ౪ࡋ⥆ࡅࡿࡇ ࡀ࡛ࡁࡿࠋ 32 Projects announced by CFE CFEࡼࡗ࡚බ⾲ࡉࢀࡓࣉࣟࢪ࢙ࢡࢺ DOWNSTREAM 35 ࢲ࢘ࣥࢫࢺࣜ ࣒ ࢲ࢘ࣥࢫࢺ࣮࣒ࣜ 36 REMEMBERING THE REGULATION • Permission is not required for the commercialization of hydrocarbons, liquefied petroleum gas, gas petroleum resources, resources and petrochemicals petrochemicals, including the sale of gasoline and diesel fuel. Nevertheless, prices shall be regulated by the SHCP through 2020. • Permission for selling gasoline and diesel fuel to the public may be granted by the CRE after January 1, 2017. After this date, PEMEX may not subject the supply of gasoline and diesel fuel to the condition of entering into franchise agreements. • Until December 31, 2018, permission to import gasoline and diesel fuel shall be granted only to PEMEX. On and after January 1, 2019, permission may be granted to anyone capable of fulfilling the requirements established by the Hydrocarbons Law. • Transition period for price deregulation, which will extend until January 10, 2020. As explained in the following slide. 37 ࣞࢠ࣮ࣗࣞࢩࣙࣥࡘ࠸࡚ • ࢞ࢯࣜࣥཬࡧࢹ࣮ࢮࣝ⇞ᩱࡢ㈍ࢆྵࡴࠊⅣỈ⣲ࠊᾮ▼Ἔ࢞ࢫࠊ▼Ἔ ㈨※ཬࡧ▼ἜᏛ〇ရࡢၟᴗࡣチྍࡣせồࡉࢀ࡚࠸࡞࠸ࠋ ణࡋࠊ౯᱁ ㈨※ཬࡧ▼ἜᏛ〇ရࡢၟᴗࡣチྍࡣせồࡉࢀ࡚࠸࡞࠸ ణࡋ ౯᱁ ࡘ࠸࡚ࡣSHCPࡼࡗ࡚2020ᖺࡲ࡛つไࡀ࡞ࡉࢀࡿࠋ • ࢞ࢯࣜࣥཬࡧࢹ࣮ࢮࣝ⇞ᩱࡢᑠチྍࡣࠊ2017ᖺ1᭶1᪥௨㝆ࠊCREࡼࡗ ࡚࠼ࡽࢀࡿࡇ࡞ࡿࠋࡇࡢ᪥௨㝆ࠊPEMEXࡣࠊ࢞ࢯࣜࣥཬࡧࢹ࣮ࢮࣝ ࡚࠼ࡽࢀࡿࡇ࡞ࡿࠋࡇࡢ᪥௨㝆ࠊPEMEXࡣࠊ࢞ࢯࣜࣥཬࡧࢹ ࢮࣝ ⇞ᩱࡢ౪⤥ࢆࣇࣛࣥࢳࣕࢬዎ⣙⥾⤖ࡢ᮲௳ࡉࡏࡿࡇࡀ࡛ࡁ࡞ࡃ࡞ࡿࠋ • 2018ᖺ12᭶31᪥ࡲ࡛ࠊ࢞ࢯࣜࣥཬࡧࢹ࣮ࢮࣝ⇞ᩱࡢ㍺ධチྍࡣPEMEXࡢ ࡳᑐࡋ࡚࠼ࡽࢀࡿࠋ2019ᖺ1᭶1᪥௨㝆ࠊチྍࡣⅣỈ⣲ἲつᐃࡉࢀࡓ ᮲௳ࢆ‶ࡓࡍ࡚ࡢ⪅ᑐࡋ࡚࠼ࡽࢀࡿࡇ࡞ࡿࠋ • ౯᱁⮬⏤ࡢ⛣⾜ᮇ㛫ࡣ2020ᖺ1᭶10᪥ࡲ࡛ᘏ㛗ࡉࢀࡿࠋḟࡢࢫࣛࢻ࡚ㄝ ᫂ࡍࡿ㏻ࡾࠋ 38 GRADUAL TRANSITION IN FUELS AND DIESEL Maximumgasolineanddieselprices anditsincrease pursuanttoinflation. Controlled PriceIncrease: • 9centsforMagnaGasoline. • 11centsforPremium FreePrice whichwill reflectthe market conditions. 2019:FreeImports Gasoline. • 11centsfordiesel. S l t th P bli diff SaletothePublic:differentbrandstoPEMEX t b d t PEMEX 2017onwards I Import:ReservedexclusivelytoPEMEX t R d l i l t PEMEX 2014Ͳ2018 39 ⇞ᩱཬࡧࢹ࣮ࢮࣝࡢ㐍ⓗ⛣⾜ ౯᱁ᘬୖࡆࡢ ࢞ࢯࣜࣥཬࡧࢹ࣮ࢮࣝࡢ᭱ ᭱㧗౯᱁୪ࡧࣥࣇ ࣮ࣞࢩࣙࣥࡼࡿ౯᱁ୖ᪼ ᕷሙ≧ἣࢆ ౯᱁ࡢ ᫎࡋࡓ౯ ⮬⏤ ไ㝈 : • ࣐ࢢࢼ࣭࢞ࢯࣜࣥ㸸9ࢭࣥࢺ • ࣉ࣑࣒࣭ࣞ࢞ࢯࣜࣥ㸸11ࢭ 2019:㍺ධ⮬⏤ ࣥࢺ • ࢹ࣮ࢮࣝ㸸11ࢭࣥࢺ ᑠࡾ:PEMEXࡣ␗࡞ࡿࣈࣛࣥࢻ 2017௨㝆 ㍺ධ PEMEXࡀ⊂༨ⓗᶒࢆ᭷ࡍࡿ ㍺ධ:PEMEXࡀ⊂༨ⓗᶒࢆ᭷ࡍࡿࠋ 2014Ͳ2018 40 ELECTRIC POWER 41 㟁 ຊ 42 REMEMBERING THE REGULATION • M i Mexican government will ill maintain i i the h exclusivity l i i off the h national i l electric l i transmission system, ensuring access for all electric power producers • Planning and control of the national electricity system, and the transmission and distribution of electricity as a public service, will continue to be governed by the state. • The State maintains exclusivity over nuclear power production. • Generation and commercialization of electric power open to private investment. • Creation of a Wholesale Electricity Market for the commercialization of: a) Electricity, Electricity b) Related services, c) Potency or any other product that guarantees the sufficiency of resources to satisfy ti f demand d d ffor electricity, l t i it d) Import or export of the above mentioned products, e) Financial rights regarding transmission, f) Clean energy certificates, and g) Any other products required for the operation of the national electric system. 43 ࣞࢠ࣮ࣗࣞࢩࣙࣥࡘ࠸࡚ • ࣓࢟ࢩࢥᨻᗓࡣࠊ࡚ࡢⓎ㟁ᴗ⪅ࡢࢡࢭࢫࢆ☜ಖࡍࡿࡓࡵࠊᅜ᭷㟁㏦ࢩࢫࢸ࣒ ࣓࢟ࢩ ᨻᗓࡣ ࡢⓎ㟁ᴗ⪅ࡢ ࢡࢭ ࢆ☜ಖࡍࡿࡓࡵ ᅜ᭷㟁㏦ࢩ ࢸ࣒ ࡢ⊂༨ᶒࢆ᭷ࡍࡿࠋ • ᅜ᭷㟁ຊࢩࢫࢸ࣒ࡢ⏬࣭⟶⌮ཬࡧබඹᴗࡋ࡚ࡢ㏦㟁ࡣࠊᘬࡁ⥆ࡁᅜࡼࡗ࡚ ⟶⌮ࡉࢀࡿࡇ࡞ࡿࠋ ⟶⌮ࡉࢀࡿࡇ࡞ࡿ • ᅜࡣཎᏊຊⓎ㟁ࡘ࠸࡚ࡶ⊂༨ᶒࢆ᭷ࡋ࡚࠸ࡿࠋ • 㟁ຊࡢ⏕⏘ཬࡧၟᴗࡘ࠸࡚ࡣẸ㛫ᴗ⪅ᕷሙࡀ㛤ࢀ࡚࠸ࡿࠋ • ၟᴗࢆ┠ⓗࡋࡓࠊ௨ୗࡢ㟁ຊ༺ᕷሙࡢタ a) 㟁ຊ b) 㛵㐃ࢧ 㛵㐃ࢧ࣮ࣅࢫ ࣅࢫ c) 㟁ຊ㟂せࢆ‶ࡓࡍࡓࡵ༑ศ࡞㈨※ࢆ☜ಖࡍࡿࡓࡵࡢ㟁ຊཪࡣࡑࡢࡢ〇ရ d) ୖグ〇ရࡢ㍺ฟධ e) ㏦㟁㛵ࡍࡿ㈈ົୖࡢᶒ f) ࢡ࣮࣭࢚ࣜࣥࢿࣝࢠ࣮ド᫂᭩, ཬࡧ g) ᅜ᭷㟁ຊࢩࢫࢸ࣒ࡢ㐠Ⴀ㝿ࡋ࡚せồࡉࢀࡿࡑࡢࡢ〇ရ 44 Projects announced by CFE 45 CFEࡼࡗ࡚බ⾲ࡉࢀࡓࣉࣟࢪ࢙ࢡࢺ 46 Projects announced by CFE CFEࡼࡗ࡚බ⾲ࡉࢀࡓࣉࣟࢪ࢙ࢡࢺ 48 Thank You! If you have any question, please contact: Scott Schwind Jones Day - Houston [email protected] 1.832.239.3710 Alberto de la Parra Jones Day - Mexico City d l @j d [email protected] 52.55.3000.4087 Stephen J. DeCosse Jones Day - Tokyo [email protected] 81.3.6800.1819 Disclaimer The views expressed by a speaker at the seminar or contained in this presentation material are those of such individual’s own, and do not reflect the views of the Firm. Firm This presentation material is prepared for the sole purpose of explanation of the subject matters of this seminar, seminar and is not intended to provide, and should not be deemed to constitute, legal advice on any specific facts or circumstances. This presentation material is protected by the copyright law, and may not duplicated, quoted, modified, translated or distributed without the prior consent of the Firm. ©2015 JONES DAY, All Rights Reserved. 49 㐃⤡ඛ 䝇䝁䝑䝖䞉䝅䝳䜴䜱䞁䝗 䝆䝵䞊䞁䝈䞉䝕䜲 䝠䝳䞊䝇䝖䞁 䜰䝹䝧䝹䝖䞉䝕䞉䝷䞉䝟䞊䝷 䝆䝵䞊䞁䝈䞉䝕䜲 䝯䜻䝅䝁䝅䝔䜱 [email protected] sschwind@jonesday com 1.832.239.3710 [email protected] 52.55.3000.4087 䝇䝔䞊䝤䞁䞉䝕䝁䝉 䝆䝵䞊䞁䝈䞉䝕䜲ᮾி [email protected] @j y 81.3.6800.1819 ࡈὀព ᮏ㈨ᩱ୰ࠊᮏࢭ࣑ࢼ࣮࡛ࡢⓎゝ࠾ࡼࡧᮏ㈨ᩱ୰ࡢពぢࢃࡓࡿ㒊ศࡣࠊㅮ₇⪅ࡢಶேⓗぢゎ࡛࠶ࡾࠊᙜົᡤࡢពぢࢆ௦⾲ࡍࡿࡶࡢ ࡛ࡣ࠶ࡾࡲࡏࢇࠋ ᮏ㈨ᩱࡣࠊᮏࢭ࣑ࢼ࣮ࡢࢸ࣮࣐ࡘ࠸࡚ࡢㄝ᫂⏝సᡂࡉࢀࡓࡶࡢ࡛࠶ࡾࠊ≉ᐃࡢᐇࡸ㛵ࡍࡿᘚㆤኈࡢἲⓗ࡞ ࢻࣂࢫࡣ࡞ࡾࡲࡏࢇ ᮏ㈨ᩱࡣⴭసᶒࡼࡿಖㆤࡢᑐ㇟࡞ࡾࡲࡍ ᙜົᡤࡢ๓ࡢチྍ࡞ࡃ 」〇 ㌿㍕ ኚ᭦ ⩻ ⩻ヂ ࢻࣂࢫࡣ࡞ࡾࡲࡏࢇࠋᮏ㈨ᩱࡣⴭసᶒࡼࡿಖㆤࡢᑐ㇟࡞ࡾࡲࡍࠋᙜົᡤࡢ๓ࡢチྍ࡞ࡃࠊ」〇ࠊ㌿㍕ࠊኚ᭦ࠊ⩻ࠊ⩻ヂࠊ 㓄ᕸ➼ࢆࡍࡿࡇࡣ࡛ࡁࡲࡏࢇࡢ࡛ࠊࡈὀពࡃࡔࡉ࠸ࠋ ©2015 JONES DAY, All Rights Reserved. 50
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