Mexico's National Hydrocarbons Commission ("CNH")
held on August 1, 2016, an extraordinary session where it resolved,
among other matters, to revise the regulation applicable for the
quantification of hydrocarbons reserves in Mexico.
Background:
Mexican law provides that CNH has the authority to regulate on
hydrocarbons reserves quantification matters, and also to integrate
the quantified values to determine the final values of the
country's hydrocarbons reserves. Such regulation has as a
principle – pursuant to the common international practice
– that as part of the reserves quantification there is a
valuation and certification by an independent certification expert
with recognized experience and capabilities (the
"Certifier"). Each year, there is a
quantification of reserves by the relevant operator and a
Certifier. In this regard, the regulation has established that
– if there is a significant inconsistency between the
analysis of the relevant operator and
